What's Moving the Oil Markets?

What's Moving the Oil Markets?

•IPE Brent futuresclimbed over 50 cents/barrel in Tuesday trading as violence raging in the Middle East kept fears alive over a potential crude supply disruption, pushing September Brent comfortably above $76/barrel. Anything below this level is viewed by funds as a buy while the conflict is unresolved, brokers said.

•The Israeli airforce launched a pre-dawn raid on the Lebanese coastal town of Jbeil, formerly Byblos, 30km (20 miles) north of Beirut, Lebanese police said Tuesday.

•The steep Brent price fall Monday followed news of tentative efforts between both Lebanon and Israel to resolve the conflict. But these failed to yield any conclusive agreement. The United Nations has been unable to broker a ceasefire, underscoring rifts among world powers over the conflict.

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