Oil prices rose in early Asian trading on Tuesday, continuing their gains for the third day in a row, affected by the continued Israeli aggression on the Gaza Strip and the Yemeni Houthi group’s threats to Israeli, American and British ships in the Red Sea.
In early trading today, Brent crude futures rose 16 cents, or 0.2%, to $82.69 per barrel. US West Texas Intermediate crude futures also rose 15 cents, or 0.2%, to $77.73. Yesterday, the two crude oil prices rose by more than 1% upon settlement.
The US Central Command announced that the Houthis launched an anti-ship ballistic missile that likely targeted an American tanker in the Gulf of Aden on Saturday evening, without hitting it. For its part, the Israeli occupation forces continued to threaten to launch an attack on the city of Rafah, south of the Gaza Strip, which increased tension in the oil-rich Middle East region.
Meanwhile, the US investment bank Goldman Sachs raised its forecast for Brent oil prices next summer by $2 to $87 per barrel.
According to Bloomberg, there were signs of recent purchasing activity from refineries in the United States and China, which pushed raw materials prices higher.
The agency considered that oil continues its second monthly rise, with continued tensions in the Middle East and supply restrictions from the OPEC Plus group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies. She added that the rise in production from outside the group, especially the United States, limited the gains.
Goldman Sachs believes that the $20 range revolves around $80 per barrel, with slight fluctuations, while Bank of America expects the price of oil to stabilize between $60 and $80.
Han Zhongliang, investment strategist at Standard Chartered Bank, explained, “Although crude oil markets are trading at prices with a limited range, their performance has been relatively good since the beginning of the year until now.” He added that the better-than-expected adherence of OPEC+ members to supply restrictions was supportive.
