Oil steadied after gaining in the previous session amid uncertainty over whether a recovery in Middle East flows can be sustained. West Texas Intermediate traded near $90 a barrel after rising 1.2% on Wednesday, while the most-active Brent contract settled around $98. Wall Street analysts and traders said crude flows from the Middle East were closing in on pre-war levels, although supplies of fuels have failed to recover to the same extent.
Crude rose for a third month in September, as Washington and Tehran failed to make headway toward a lasting peace agreement that would fully reopen the Strait of Hormuz. President Donald Trump said at the White House that the US has total control of the waterway and will have an answer to Iran shortly.“The market is getting some relief from improving supply, but without a credible path toward a lasting agreement, those gains can be temporary,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Group. “More barrels flowing this week don’t guarantee the same flows next week.”To get Bloomberg’s Energy Daily newsletter in your inbox, click here.
Zdroj: Bloomberg Markets · Shrnutí: HeadlinesBriefing