Oil prices fell on Friday after Trump announced that the US will not launch military strikes against Iran before the upcoming midterm elections on 3 November.
According to military sources, Syria was evaluating options to send military aid to Saudi Arabia, a crucial ally locked in a conflict with Iran-backed Houthi rebels in Yemen.
They also noted that the country was weighing multiple strategies, ranging from providing defensive support to deploying combat troops to reinforce Saudi-backed Yemeni forces on the ground.
Kpler data show about 11.3 million bpd of crude oil and petroleum products exited the Strait of Hormuz during the week ended Tuesday, while total oil flows from the region stood at 20.4 million bpd.
The oil market is currently facing supply pressures due to Hurricane Isaias in the Gulf of Mexico. In response to the approaching storm, energy companies have halted roughly 1.3 million bpd of crude output.
US crude oil inventories fell unexpectedly last week, and product stocks were mixed as refineries stepped up their capacity use, according to data released Wednesday by the EIA.
EBC Financial Group analyst says WTI crude shows a mean reversion behaviour around the $90 floor, positioning it for a likely push past $92. The bullish outlook remains intact as long as it holds above the 50 SMA.
Asset Recap
As of market close on 8 October, among EBC major products, Accenture shares led gains after passing its Q4 test by showing that AI has not derailed its consulting business.
Optical component makers are being sold as a group after a year of extraordinary gains, and the pressure is landing hardest on the names that ran furthest.
Japanese equities fell for a second day as an announcement about changes to Topix Index weightings prompted selling in stocks set to see their index presence reduced.
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EBC Financial Group Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Global Financial Collaboration or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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