Oil prices broadly stable with uncertainty around Middle East and US election
Shafaq News/Oil prices were broadly stable on Thursday as uncertainty around conflict inthe Middle East and reports of North Korean troops ready to help Russia inUkraine kept traders on edge ahead of the U.S. presidential election.
Brent crudefutures were up 46 cents, or 0.6%, at $75.42 a barrel by 1318 GMT. U.S. WestTexas Intermediate crude futures rose 39 cents, or 0.6%, to $71.16.
Oil priceshave gained about 3% this week after shedding more than 7% last week on aperceived calming of Middle East tensions and concerns of oversupply and weakdemand.
"Theopposing forces of economic anxiety, loose oil balance and potentialwar-related supply disruptions will ensure that no clear oil price directionemerges in the immediate future whilst the risk remains skewed to the downsidein the medium term," said Tamas Varga of oil broker PVM.
OnWednesday, the U.S. said for the first time that it had seen evidence NorthKorea has sent 3,000 troops to Russia for possible deployment in Ukraine, amove that could mark a significant escalation in Russia's war against itsneighbour.
In theMiddle East, an exchange of heavy fire between Israel and Hezbollah heightenedsupply concerns. Israeli strikes were also reported to have hit the Syriancapital Damascus early on Thursday.
Washington,meanwhile, continues to push for peace between Israel and Iran-backed groupsHezbollah and Hamas before the U.S. presidential election on Nov. 5, whichcould alter U.S. Middle East and oil policy.
"Trumpis leading over (Kamala) Harris based on current data from betting markets andTrump has proposed making the U.S. a major oil supplier," said OANDAsenior market analyst Kelvin Wong, adding that such a move could depressprices.
Whilebetting markets put Trump ahead, other polls show the result is too close tocall.
(Reuters)
