Oil Prices Rise

Oil price today: Crude oil prices clocked the biggest intraday rally in four months on Monday, driven on the news of 10 per cent tariffs imposed by Whitehouse on Canadian crude oil and products

The attacks have disrupted global shipping, forcing firms to reroute to longer and more expensive journeys around southern Africa for more than a year

However, a stronger US dollar capped oil price gains. The US currency has been boosted by expectations that the incoming Donald Trump administration's policies will boost growth and lift inflation

Bloomberg News reported on Tuesday that the U.S. government was weighing harsher sanctions against Russia's lucrative oil trade, seeking to tighten the squeeze on the Kremlin's war machine just weeks

Crude oil price today: Sharekhan remains confident of oil prices heading lower towards $65 in Q1-2025, while in short term, prices could see WTI prices trading in broader range of $75-$66

Israeli intelligence suggested that Iran is preparing to attack Israel with a large number of drones and ballistic missiles

The policy remains open-ended on the future possibility of rate cut, which sounds reasonable given that the future course of inflation is hard to gauge

Israel bombed Beirut early on Thursday, killing at least six people, after its forces suffered their deadliest day on the Lebanese front in a year of clashes with Iran-backed Hezbollah

A deterioration in the geopolitical situation is the biggest risk to global equity markets, Wood said, which he believes is not yet fully discounted by them

Crude prices were also being boosted by rising tensions in the Middle East, said Tim Snyder, chief economist at Matador Economics

Both oil benchmarks broke a three-session declining streak on Tuesday, and tensions in the Middle East continued to stoke supply concerns in Wednesday's trading session

Given the above-mentioned developments, we believe that the oil market is heading lower in the short to medium term due to softening of global economic conditions

Gold jumped 1.6 per cent to $2,414.69, heading back toward last week's all-time high at $2,431.29

The gains erased some losses from the previous session, which was dominated by worries about stubborn U.S. inflation that dampened hopes for an interest rate cut as early as June

The Brent benchmark breached $80 a barrel for the first time since Feb. 1 as it extended into a fourth straight session of gains

The U.S. Energy Information Administration (EIA) said energy firms pulled 4.3 million barrels of crude from stockpiles during the week ended December 8

Non-deliverable forwards (NDFs) indicate rupee will open at around 83.25-83.26 to the U.S. dollar, barely changed from the previous session

Russia is the world's second-largest oil producer and a major exporter and the tighter U.S. scrutiny of its shipments could curtail supply

Lower U.S. bond yields are stoking risk appetite, which in turn is supporting equities and oil, UBS analyst Giovanni Staunovo said

Higher interest rates and a stronger dollar make oil more expensive for holders of other currencies, which could dampen oil demand