Oil Prices Drop Over US$2 Amid Potential Middle East Peace Deal
Oil Steadies After Drop as Israel Sees Progress on Cease-Fire
Middle East tensions are easing! Israel and Hezbollah are reportedly close to reaching a ceasefire agreement.
① The Israeli national security cabinet will meet on Wednesday to approve the ceasefire agreement with Hezbollah, and the final text was confirmed on Monday; ② Affected by the easing of tensions in the Middle East, comex gold futures fell more than 3%, crude oil plummeted 3% during the day, and the usd dropped by 0.5%.
WTI Crude Faces Rebound Challenges Despite Recent Gains
Crude Optimism: What's Driving Oil Markets Up?
jpmorgan: Even if OPEC+ extends production cuts, the oil market will still face a significant supply surplus.
Analysts from jpmorgan, led by Natasha Kaneva, stated in a report that even if OPEC+ extends production cuts, the global oil market will still see a "huge" surplus of 1.3 million barrels per day next year.