Oil tumbles 3% as world powers work on diplomacy for Gaza
Investing.com - The “no free lunch” metaphor is becoming clearer for the long-oil community that had doubled down on the crisis in Gaza to send the market higher than probably warranted.
US President Joe Biden visited Israel last week, and the leaders of France and the Netherlands will visit this week in search of a solution for the conflict., or WTI, crude for December delivery, settled at $85.49, down $2.59, or 2.94%. WTI rose 2% last week, adding to the prior week’s gain of around 6%.crude for December delivery settled down $2.33, or 2.5%, at $89.83 per barrel. Last week, the global crude benchmark rose 1.4%, adding to the prior week’s gain of 7.5%.
While Israel barely registers in the global oil trade, the Strait of Hormuz straddling the current war zone is a key chokepoint for the movement of crude, where a fifth of all oil passes through the waters there. “There’s no such thing as a free lunch, and that applies to oil bulls who have been riding this crisis in Gaza for free, despite its non-material impact thus far on the trade,” said John Kilduff, partner at New York energy hedge fund Again Capital.
But as with any conflict with decision-making at multiple levels, the notion that peace was given a chance still persevered.
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