Oil steadies with Gaza crisis and Venezuela talks to the fore
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The crude market has been left on edge by the crisis in the Middle East on concern that the conflict risks spreading beyond Israel and Gaza, endangering crude flows.
PHOTO: REUTERS
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SINGAPORE – Oil steadied as the US intensified diplomatic efforts to contain the crisis in Gaza,
West Texas Intermediate held above US$86 a barrel after losing more than 1 per cent on Monday.
United States President Joe Biden will travel to Israel, people familiar with the decision said.
Separately, US Secretary of State Antony Blinken is due to make an announcement after a 7½-hour meeting with Israeli Prime Minister Benjamin Netanyahu.
Beyond the region, meanwhile, crude traders will track events in Barbados, where Venezuela’s government may sign a deal with the opposition later on Tuesday. If concluded, such an agreement could pave the way for the US to ease sanctions against the country, potentially boosting oil exports.
The crude market has been left on edge
With Israel preparing to launch a ground offensive into Gaza in response to a recent attack by Hamas militants, Iran, which supports Hamas, warned that an expansion of the war is “approaching the inevitable stage”. BLOOMBERG
