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Oil dips as supply fallout from Israel war seen contained so far – Yahoo Finance

(Bloomberg) — Oil fell after an early-week surge as the Israel-Hamas war’s effect on flows remained contained.
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West Texas Intermediate dropped below $85 a barrel as supplies remained largely undisturbed in the region. Additionally, OPEC+ leader Saudi Arabia on Tuesday reiterated support for efforts by the group to balance oil markets.
Prices are also falling due to a bearish technical move known as a gap fill, which was triggered when prices surged more than $3 on Monday as Hamas’s attack on Israel raised concerns about wider instability in the Middle East. Such spikes often prompt corrective moves to fill the large break in prices before a new trend can be established, said Dennis Kissler, senior vice president for trading at BOK Financial Securities. Traders will continue to monitor the war and the possibility of more sanctions on Iran, which would be bullish for oil.
Crude prices also faced pressure from wider markets on Wednesday, after stronger-than-expected US producer price increases bolstered speculation that interest rates will remain higher for longer.
Oil traders have been watching carefully for spillover from the conflict that could endanger crude flows. The war adds another complicated dimension to global oil trading after prices surged in the third quarter as OPEC+ choked off supplies to tighten the market, then gave up some gains as demand concerns flared up.
The US and Venezuela, meanwhile, are close to reaching an understanding that would bring limited sanctions relief in exchange for steps to ensure fair elections, according to people familiar with the matter. As part of the informal deal, the US would be willing to lift some oil and banking sanctions.
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–With assistance from Sarah Chen.
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