Oil Falls as Oversupply Signals Outweigh Mideast War Risk

Bloomberg10-24

(Bloomberg) -- Oil dropped as oversupply concerns overshadowed the possibility of an Israeli retaliatory strike on Iran. West Texas Intermediate fell near $70 a barrel, after earlier adding as much as...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOil Falls as Oversupply Signals Outweigh Mideast War Risk\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-24 23:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/oil-steadies-drop-supply-outlook-232745306.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Oil dropped as oversupply concerns overshadowed the possibility of an Israeli retaliatory strike on Iran.\nWest Texas Intermediate fell near $70 a barrel, after earlier adding as much as...</p>\n\n<a href=\"https://finance.yahoo.com/news/oil-steadies-drop-supply-outlook-232745306.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4207","symbol_name":"综合性银行","start_time":0,"source_url":"https://finance.yahoo.com/news/oil-steadies-drop-supply-outlook-232745306.html","article_id":"2477803659","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/SmoexV17uxshzrtOBmZAcg--~B/aD02NzU7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/bloomberg_markets_842/de746f678bf0b1fdf10d531869f59014"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2477803659","pubTimestamp":1729782482,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":" -- Oil dropped as oversupply concerns overshadowed the possibility of an Israeli retaliatory strike on Iran.West Texas Intermediate fell near $70 a barrel, after earlier adding as much as 2.2%. Global benchmark Brent traded near $74. Timespreads are pointing to an amply supplied market with the gap between the two nearest contracts for WTI narrowing to 35 cents a barrel. That’s down from $1.79 in August.“In the absence of new geopolitical developments, the path of least resistance for crude oil appears to be lower,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Group. “Demand concerns are driving the widening of spreads, while a generally bearish outlook for 2025 is keeping potential buyers on the sidelines.”In the Middle East, Israeli Prime Minister Benjamin Netanyahu’s spokesperson said the Mossad chief will meet with officials from Qatar, Egypt and the US in Doha next week, damping expectations of further escalation in the Middle East conflict.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4207":"综合性银行","CM":"加拿大帝国商业银行"},"translate_title":"供应过剩信号超过中东战争风险，油价下跌","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CM":0.9},"content_text":"(Bloomberg) -- Oil dropped as oversupply concerns overshadowed the possibility of an Israeli retaliatory strike on Iran.\nWest Texas Intermediate fell near $70 a barrel, after earlier adding as much as 2.2%. Global benchmark Brent traded near $74. Timespreads are pointing to an amply supplied market with the gap between the two nearest contracts for WTI narrowing to 35 cents a barrel. That’s down from $1.79 in August.\n“In the absence of new geopolitical developments, the path of least resistance for crude oil appears to be lower,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Group. “Demand concerns are driving the widening of spreads, while a generally bearish outlook for 2025 is keeping potential buyers on the sidelines.”\nIn the Middle East, Israeli Prime Minister Benjamin Netanyahu’s spokesperson said the Mossad chief will meet with officials from Qatar, Egypt and the US in Doha next week, damping expectations of further escalation in the Middle East conflict. \nStill, the possibility of Israeli retaliation has prompted a deluge of activity in oil derivatives markets over recent weeks. Traders hold a record number of Brent options, and contracts that hedge against a spike in prices are the most expensive relative to bearish ones since shortly after Russia’s invasion of Ukraine in 2022. \nOil has seen volatile trading this month as traders assess risks to output in the Middle East, which pumps about a third of global supplies, as well as a mixed picture on demand. While crude consumption has faltered in top importer China, even as authorities add stimulus, there have been stronger signals from the US, with refinery processing running at a six-year seasonal high. Investors are also counting down to next month’s close-fought US election.\nTo get Bloomberg’s Energy Daily newsletter into your inbox, click here.\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"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":"4.29.1","shortVersion":"4.29.1","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/2477803659"}