Crude Oil Analysis 15-July-2024

WTI crude futures hovered around $80 per barrel on Monday, experiencing minor ups and downs. Investors were evaluating the impact of a weekend attack on former US President Donald Trump and the uncertainty surrounding Gaza ceasefire talks.

The attempt on Trump’s life increased his chances of winning the upcoming election, strengthening the dollar but putting pressure on commodities. In the Middle East, there was a reported ceasefire framework between Israel and Hamas as of Friday, but negotiations were interrupted.

An Israeli attack on a senior Hamas official on Saturday resulted in 90 deaths. Meanwhile, data revealed that China’s economy, the world’s top consumer, grew less than expected in the second quarter due to ongoing property market issues, weak domestic demand, and increasing trade tensions with the West.

Crude Oil Analysis 15-July-2024