Oil Holds Gain as US and UK Launch Fresh Strikes Against Houthis

Bloomberg01-23

(Bloomberg) -- Oil held gains after the US and UK made a fresh round of strikes against Iran-backed Houthi rebels in Yemen, fanning tensions in the Middle East and offsetting concerns global supplies ...

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Hong Kong Stocks at 36% Discount Show True Depth of China Gloom. Morgan Stanley, JPMorgan Say Buy the Dip After Treasury Rout. Global benchmark Brent was steady near $80 a barrel after rallying almost 2% on Monday, while West Texas Intermediate was below $75. US and UK forces launched their latest attacks against eight Houthi targets in an effort to prevent the group from attacking commercial vessels in the Red Sea.Crude has struggled to set a clear direction this year despite the multiple geopolitical tensions and a pledge by the Organization of Petroleum Exporting Countries to rein in production. 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US and UK forces launched their latest attacks against eight Houthi targets in an effort to prevent the group from attacking commercial vessels in the Red Sea.\nCrude ended higher in the week’s opening session after reports of Ukrainian drone attacks against energy facilities on Russia’s Baltic coast, opening a new front in the countries’ conflict almost two years after Moscow’s invasion.\nCrude has struggled to set a clear direction this year despite the multiple geopolitical tensions and a pledge by the Organization of Petroleum Exporting Countries to rein in production. Oil’s gains have been offset by indications of abundant ex-OPEC output, with the International Energy Agency forecasting ample supply. In addition, Libya restarted flows from its largest field after a halt, and US drillers are recovering from a freeze that hurt operations.\nThe attack in Russia “is an important reminder that we have ongoing conflict in two important energy-producing regions,” said Robert Rennie, head of commodity & carbon research at Westpac Banking Corp. Oil inventories should tighten further after US production was impacted by severe weather and OPEC+ cuts kick in, although a return of supply from Libya’s Sharara field will help ease some of the tightness, he added.\nOn Monday, Brent managed to post its first close above the $80-a-barrel level this year. Its prompt timespread — the difference between its two nearest contracts — was 45 cents a barrel in backwardation, a bullish near-term structure. That compares with 3 cents on the first trading day of 2024.\nTo get Bloomberg’s Energy Daily newsletter into your inbox, click here.\nMost Read from Bloomberg Businessweek\n\nThe Downfall of Diddy Inc.\nHow Sweden Quit Smoking Without Quitting Nicotine\nThe Bitcoin Hype Is Back and About Just as Hollow as Before\nJapan’s Market Roars Back to Life—With Old-Timers Leading the Way\n\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2405150214"}