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Int'l Oil Prices Further Rise ~1% Amid Intensifying Middle East Tensions & Rate Cut Expectations
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Foreign media reported that Lebanon's Hezbollah recently launched a large-scale attack of hundreds of rockets and drones against Israel, while the Israeli army deployed about 100 warplanes to attack Hezbollah's areas of activity in Lebanon in pre-emptive strikes. This is believed to be the most serious of the border clashes in the past 10 months or so. Although Israel's Foreign Minister Katz stated that his country would not seek a full-scale war, some analysts believed this action signalled that tensions in the Middle East are rising sharply. Meanwhile, US Federal Reserve Chairman Jerome Powell said at the Jackson Hole annual meeting that the US Fed was moving in a clear direction and that the time had come to adjust policy. The market's expectation of a US interest rate cut provided a boost to the global economy and the outlook for fuel demand. Brent oil futures for November delivery are now up 0.61% to US$78.61 a barrel, while New York Oil futures for October delivery are up 0.79% to US$75.42 a barrel. AAStocks Financial News |
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