Commodity Daily News

Oil Expected to Climb on Middle East Tensions

The price of Crude Oil rose by about $0.68, or nearly 2%, to $40.86, as the Israel-Gaza tensions reappeared on the forefront. Crude prices were expected to fall in yesterday's trading; however, the resurrection of the conflict prevented this from happening. It is likely that Crude prices will remain unstable in the coming weeks as these tensions continue to add instability to the oil market.

Today, the main event that may determine the price of Oil is the results of the U.S. Crude Oil Inventories at 15:30 GMT. If the release is higher than the forecasted 2.5 million barrels of Oil, then this may lead to a drop in Crude prices later in the day. On the other hand, if the result is lower than this figure, this may help boost the price of Crude Oil higher by the end of today's trading session.