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Oil rose to $ 81 because of the conflict between the States and Saudi Arabia

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Oil rose to $ 81 because of the conflict between the States and Saudi Arabia
October 15
09:00 2018

Oil has shown the growth due to increased tensions between the United States of America and Saudi Arabia. The disappearance of the journalist Jamal Hashkaji has caused the growth.

The market sensitively responded to the news by rising oil prices. So, on the London Stock Exchange, Brent futures for December have showed an increase of about 1%. We recall that this benchmark crude started the day with a mark of $ 81.4 per barrel.

On electronic trading in New York, oil futures for WTI benchmark crude with a period of performance in November also have risen by 1% (to the value of $ 72).

Tensions between the US and Saudi Arabia arose when it became known that the Washington Post journalist had disappeared. After he entered the Saudi consulate in Istanbul, no one saw him. Anonymous sources claim that the journalist was tortured and killed inside the diplomatic mission.

Donald Trump has already said that if the guilt of the Saudi side is proved, the consequences will be immediate.

In turn, official Riyadh has responded that it will not tolerate any threats. If the US introduces sanctions, Saudi Arabia will respond to them.

Experts warn that the Saudi side can use its authority in the oil sector to take countermeasures.

“At the moment, prices are rising due to the conflict of the countries, but one should not expect an increasing tendency as America is calling for a decrease in rates,” – said Kim Kwang-rae, commodity analyst at Samsung Futures.

At the end of last week, Brent dropped by almost 4.5%. This is the biggest failure since April this year. WTI crude oil slipped by 4%. Futures of these brands have fallen in price for the first time in five weeks. Experts and analysts attribute this to the general decline in the market of the risky assets.


The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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