Oil Prices Edge Higher on Middle East Tensions
The price of crude oil edged higher across various grades in the global commodity market amidst buckets of uncertainties. Tensions in the Middle East persisted while weak economic data in China and the U.S. suggested demand levels would be put in check.
Brent crude rose to $71.89 per barrel while the US benchmark West Texas Intermediate also increased to $68.03 per barrel. Tensions remain high in the Middle East as geopolitical uncertainty in the region continues.
It was reported that the Israeli army hit 250 targets with air strikes in Syria after the overthrow of the 61-year-old Baath regime. According to the news of Israeli army radio, ‘one of the largest air strike operations in Israeli history was carried out’ in Syria after the fall of the Bashar Assad regime.
While, data indicating economic slowdown in China curbed further price surge.
According to data from China’s customs office, the country’s exports slowed in November, amid expectations that US President-elect Donald Trump will increase tariffs when he takes office in January.
During his election campaign, Trump stated that he could increase customs tariffs on products exported from China by up to 60%. Chinese exports increased by 6.7% on an annual basis in November to 312.31 billion dollars, but fell behind the 12.7% increase in October.
Also, China’s imports decreased by 3.9% on an annual basis in November, reaching 214.87 billion dollars. The decrease in imports was sharper than the 2.3% decrease in October.
Analysts said the weakness of domestic demand and consumer confidence in China brought stagnation in imports. #Oil Prices Edge Higher on Middle East Tensions Naira Gains Uninterruptedly, Settles at N1535 in FX Market
