Oil prices have stabilised after falling by nearly 2 percent as major shipping firms began using the Red Sea maritime route – despite Yemen’s Houthi attacks this week. Though investor concerns about shipping have eased markets are still on tenterhooks over increased tensions in the Middle East. Brent Crude futures climbed 0.3 percent with the US West Texas Intermediate up 0.3 percent. Danish Shipping company Maersk has scheduled several dozen container vessels to travel via the Suez Canal in the coming weeks – improving investor confidence in oil stocks. Analysts expect oil demand to rise after growing expectations that central banks such as the US Federal Reserve will begin cutting rates will lead to reduced borrowing costs.
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Oil prices have stabilized after falling nearly 2% as major shipping firms began using the Red Sea Maritime route despite Yemen’s houthi attacks this week though investor concerns about shipping have eased markets are still on tender hooks over increased tensions in the Middle East Brent crude Futures climbed 0.3%
With us West Texas interm Metate also up 0.3% Danish shipping firm mask has said that it has scheduled several dozen container vessels to travel via the Suz canal in the coming weeks improving investor confidence in oil stocks analysts expect oil demand to rise after growing expectations That central banks
Such as the US Federal Reserve will begin cutting rates will lead to reduced borrowing cost let’s get more on this now with Hanan in Dubai his chief Market analyst for xinity group good to have you back with us Han investors have been concerned about raising tensions in the
Middle East but given that oil Futures have fallen slightly how would you describe those concerns at this stage right so I think those concerns are still warranted look as long as there’s a war in the region that still threatens Global oil supplies I think markets are forced to at least bake in
Some amount of geopolitical risk premiums right now I think having said that also from a fundamental perspective you know you’ve got a weaker US Dollar on bets that the US interest rates will move lower next year so I think overall we should see a limited downside for oil prices in the near
Future yes as we’ve been uh discussing there are expectations That central banks will begin cutting rates after more than a year of aggressive rate hikes how like ly is that at this stage given that there’s still so much uncertainty with both shipping in the Red Sea and conflict in the Middle
East yeah um I think to be clear the base case going into 2024 is still for us interest rates to move lower because keep in mind that the FED when they look at the inflation Outlook they look at uh those stickier those core uh inflation drivers I’m talking wages I’m talking
Housing uh the FED tends toay pay a lot less attention to more volatile price prices from food or energy or o oil prices right so I I think the FED should be allowed to or should be able to stay the course with its intended rate cuts for next year baring a an outsize
Shocker that really uh you know sees a a Resurgence in inflation okay Hanan always appreciate your analysis thanks again for joining us now to other top business stories from around the world Japan’s Factory output has fallen for the first time in 3 months further complicating the bank of Japan’s monetary policy Outlook
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