Oil prices recovered on Monday as a result of political unrest in the US and the Middle East, which countered declines caused by a stronger dollar and sluggish demand in China, the country’s largest importer. After falling 37 cents on Friday, Brent crude futures increased by 15 cents, or 0.2%, to $85.18 per barrel by 04:25 GMT. The price of a barrel of U.S. West Texas Intermediate crude increased by 20 cents, or 0.2%.
The dollar’s strength following a botched attempt to assassinate U.S. presidential candidate Donald Trump was not felt by oil prices. “I don’t think you can ignore the uncertainty that the weekend’s assassination attempt will cast across a deeply divided country in the lead-up to the election,” Tony Sycamore, an IG market analyst, said.
In the Middle East, negotiations between Israel and Hamas to end the Gaza conflict came to an end on Saturday after three days, despite the fact that a Hamas official stated the following day that the organisation remained open to further discussions. On Saturday, however, ninety people were killed in an Israeli attack that was directed at the group’s military chief. The geopolitical premium on oil has remained high due to the unpredictability surrounding the unstable situation.
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