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Headlines:
Oil Prices Stable: Brent crude is trading below $80 per barrel and West Texas Intermediate (WTI) around $77 per barrel, holding steady after their first weekly gain since early July.
Geopolitical Tensions: The market is closely watching Iran’s response to the recent assassination of Hamas leader Ismail Haniyeh, with potential impacts on oil supply and energy stocks like Woodside Energy Group Ltd (ASX:WDS) and Santos Ltd (ASX:STO).
Economic Concerns: Crude oil is maintaining a small annual gain despite recent declines driven by weak economic data from China, the largest oil importer, which could affect global demand and influence ASX-listed energy companies such as Beach Energy Ltd (ASX:BPT).
Market Sentiment: Money managers have reduced their net bullish positions on Brent crude to the lowest levels since 2011, and U.S. refineries are operating at reduced capacity, signaling potential weakness in the physical oil market.
Oil prices remained steady following their first weekly gain since early July, with Brent crude trading below $80 per barrel after a nearly 4% increase last week. West Texas Intermediate (WTI) hovered around $77 per barrel. The market is closely monitoring geopolitical tensions, particularly Iran’s response to the recent assassination of Hamas leader Ismail Haniyeh in Tehran.
Over the weekend, Iran reaffirmed its intention to retaliate against Israel for the killing, with a missile unit of its military conducting exercises near the Iraqi border. This has kept traders on edge, as any escalation could potentially disrupt oil supplies in the region, impacting energy stocks like Woodside Energy Group Ltd (ASX:WDS) and Santos Ltd (ASX:STO).
Despite these developments, crude oil is holding onto a modest annual gain after a sharp decline triggered by weak economic data from China, the world's largest oil importer. The bearish sentiment is further reflected in the actions of money managers, who have reduced their net bullish positions on Brent crude to the lowest levels since 2011. Additionally, the physical oil market is showing signs of weakness, with U.S. refineries operating at reduced capacity, adding to concerns about future demand. This could influence the performance of ASX-listed energy companies such as Beach Energy Ltd (ASX:BPT).
