Oil prices rose over 3%, approaching the 200

On Monday,How to become a foreign exchange dealer Brent crude oil futures for October rose by $2.41, a 3.05% increase, closing at $81.43 per barrel; the main contract of US crude oil futures rose by $2.59, a 3.5% increase, with a settlement price of $77.42 per barrel, close to the 200-day moving average of $77.88 per barrel.

Dennis Kissler, Senior Vice President of BOK Financial, highlighted that recent buying activity has been driven by Middle Eastern tensions, reduced production in Libya, and a decrease in oil inventories at Cushing, Oklahoma. The eastern government of Libya announced a suspension of oil field production and exports, further exacerbating market supply concerns.

Hezbollah fired hundreds of rockets and drones at Israel, prompting massive retaliatory strikes by the Israeli Air Force. The escalating conflict raises concerns that the Middle Eastern situation could evolve into a broader regional conflict. The Pentagon stated that the threat of attacks on Israel by Iran and its proxy organizations remains.

Meanwhile, the conflict between Russia and Ukraine is also worsening. Russia launched large-scale airstrikes on Ukraine, damaging power and other infrastructure in several regions. Ukraine has called on its allies for support to cope with the escalating conflict.

Expectations of a Federal Reserve rate cut continue to support oil prices. San Francisco Fed President Mary Daly stated that the time for a rate cut has come, and the market expects the Federal Reserve to ease policies next month, with a likely 25 basis point reduction.

The market still needs close attention to geopolitical developments and API crude oil inventory data. At 8:55 AM Beijing time, US crude oil was priced at $77.12 per barrel.

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The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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