{"id":12317,"date":"2024-11-01T14:31:37","date_gmt":"2024-11-01T14:31:37","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=12317"},"modified":"2024-11-01T14:31:37","modified_gmt":"2024-11-01T14:31:37","slug":"brent-crude-rose-to-74-27-cents-a-barrel","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/12317\/","title":{"rendered":"Brent crude rose to $ 74, 27 cents a barrel."},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0 Oil<\/span> prices rose by 2% on Friday after reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days, though benchmarks were still set for a weekly decline.<\/p>\n

Brent<\/span> crude<\/span> futures were up $1.46, or 2%, at $74.27 a barrel by 1252 GMT. U.S. West Texas Intermediate crude rose $1.57, or 2.3%, to $70.83.<\/div>\n
<\/div>\n
U.S.<\/span> news website Axios reported on Thursday that Israeli intelligence suggests that Iran is preparing to attack Israel from Iraq within days, citing two unidentified Israeli sources.<\/div>\n
“<\/span>Any additional responses from Iran might remain restrained, similar to Israel’s limited strike last weekend, hence primarily intended as a demonstration of strength rather than an invitation to open warfare,” said SEB Research analyst Ole Hvalbye.<\/div>\n
<\/div>\n
The<\/span> two<\/span> countries have engaged in a series of tit-for-tat strikes within the broader Middle East warfare set off by fighting in Gaza. Previous Iranian air attacks on Israel on Oct. 1 and in April were mostly repelled, with only minor damage.<\/div>\n
<\/div>\n
Brent<\/span> is on track to finish the week down almost 2%, having tumbled 6% on Monday after Israel’s Oct. 26 strike against Iran bypassed oil and nuclear facilities.<\/div>\n
<\/div>\n
Oil<\/span> prices<\/span> were also supported by expectations that OPEC+ could delay December’s planned increase to oil production by a month or more on concern over soft oil demand and rising supply. A decision could be made as early as next week.<\/div>\n
The<\/span> outcome of next week’s U.S. presidential election and any financial stimulus detail, if any, from China’s NPC standing committee meeting will also affect oil prices, said IG analyst Tony Sycamore.<\/div>\n
<\/div>\n
U.S.<\/span> presidential candidates Kamala Harris and Donald Trump have differing views on policy towards oil producers Iran and Russia.<\/div>\n
<\/div>\n
In<\/span> China, meanwhile, manufacturing activity swung back to growth in October, a private-sector survey showed on Friday, echoing an official survey on Thursday, suggesting stimulus measures are kicking in.<\/div>\n
But<\/span> “the composition of growth will still be more inward-looking than the typical pre-COVID expansion in China”, Goldman Sachs analysts said in a note.<\/div>\n
<\/div>\n
U.S.<\/span> employment<\/span> data<\/span> on Friday left oil prices little changed. Job growth slowed sharply in October against a backdrop of disruptions from hurricanes and strikes by aerospace factory workers. The unemployment rate, however, held steady at 4.1%, suggesting the labour market remains on a solid footing ahead of Tuesday’s presidential election.<\/div>\n
Updated on