Energy Market

Analysis      

Crude prices inclined yesterday as concerns and fears of oil supply disruptions aroused due on one side to the continuous conflict between Palestine an Israel that caused so far the death of 600 Palestinians including young kids and babies, knowing that the Middle East is one of the richest oil areas with giant oil producers countries such as Iran for example that may decide to cut their crude supplies to the west due to the nonstop attacks on Gaza, since no global organization or country interfered till now to bring this war to an end.  

On the other side, more tensions are witnessed in Europe, with Russia reducing the amount of gas produced that is supplied to Ukraine due to an argument between them, having in mind that this gas supplied by Russia may also be diminished to all other European countries. As a result, crude prices closed at $48.81 a barrel recording a high of $49.28 per barrel and a low of $45.56 per barrel with a considerable $2.47 gain witnessed in the oil contract.

Today, crude prices are steady trading above $48 a barrel as attacks on Gaza were not brought to a halt, with a war that lasted so far for 11 days, despite different international calls to cease-fire. Furthermore, OPEC, the worldwide petroleum that is responsible for 35% of global oil, is forecasted to have a new cut on its energy supplies by almost 9 percent, as to help crude prices to rise. So far, crude prices opened at $48.40 a barrel recording a high of $48.89 per barrel and a low of $47.82 per barrel.