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Crude Oil Trades At Two-Month Highs Due to Geopolitical Risks And, Seasonal Demand

Today market analysis on behalf of Hani Abuagla Senior Market Analyst at XTB MENA


July 2, 2024 ( Newswire) Crude oil continues to trade higher at two-month highs amid geopolitical tensions and seasonal demand optimism. Brent crude futures surged above the $86.5 per barrel mark, while WTI crude futures climbed above $83.5 per barrel. This bullish trajectory is driven by expectations of robust summer demand and ongoing geopolitical tensions in the Middle East, raising concerns over potential supply disruptions in the Persian Gulf.

Furthermore, Hurricane Beryl impacted sentiment, posing a threat to oil production if it shifts toward the Gulf of Mexico. These uncertainties led to further market volatility. Bullish sentiment was further supported by forecasts indicating a substantial increase in US travel demand over the upcoming July 4 holiday weekend, suggesting robust oil consumption from the world's largest consumer. Moreover, stable inflation data for May alleviated concerns about weakening consumer demand, providing further support to oil prices amidst global economic uncertainties.

Traders now await insights from the upcoming US petroleum report, expected to shed light on summer and could be crucial in determining the near-term direction of oil prices.

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