NEW YORK: Oil prices edged higher on Tuesday (Oct 17) as investors wait to see if US diplomatic efforts and a trip by President Joe Biden to Israel wi...
Nasser says Saudi Aramco, the world’s biggest oil company, could ramp up production within weeks if needed. – ReuterspicOil prices edged higher on Tuesday as investors wait to see if US diplomatic efforts and a trip by President Joe Biden to Israel will prevent the conflict in the Middle East from widening.
“Oil prices are wavering as energy traders await to see if the US diplomatic efforts will be successful in preventing the Israel-Hamas conflict from turning into a wider regional war,” said Edward Moya, senior market analyst at Oanda. Since 2019, the UShas imposed sanctions on oil exports from Venezuela, a member of the Organization of the Petroleum Exporting Countries , to punish President Nicolas Maduro’s government following elections in 2018 that Washington considered a sham.
He said global oil demand was set to rise to 103 million barrels per day in the second half of this year while the company's spare capacity is three million bpd.
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