The intensity of oil's drop Monday showed that many traders were not prepared for what has been described as a “limited” retaliatory attack by Israel against Iran that came nearly four weeks after Iran's missile strike on Israel. But some analysts warned it may be too early for oil traders to breathe a sigh of relief.
Scott Bauer (@ProsperTradingAcademy) says supply and demand for crude oil is way out of balance. He's taking a nimble approach to tip-toeing back into the energy commodity space, while eyeing a potentially "explosive" move in Bitcoin.
Israel avoided direct attacks on Iranian energy assets. Crude prices are falling.
Traders are betting on cheaper crude and uncertain global demand ahead; stock indexes gain.
Oil prices fell by over 6% after on Monday after Israel's retaliatory strike on Iran didn't hit oil or nuclear facilities that could've impacted the energy sector.
The crude oil market continues to see a lot of downward pressure, as the market might be reacting to the Middle East situation cooling off, or perhaps even more ominously, the global economy slowing down, therefore driving down the demand for oil.
U.S. natural gas was sharply lower, caught up in a broad energy selloff led by crude oil.
Amrita Sen of Energy Aspects discusses longer-term trends in oil prices following Israel's retaliatory strike on Iran this weekend.
U.S. stocks could get off to a positive start on Monday after the averages registered a mixed week. While the S&P 500 and Dow Jones snapped their six-week winning streak, the Nasdaq Composite chalked its seventh straight week of gains.
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Shares in easyJet PLC and British Airways owner International Consolidated Airlines Group SA (IAG) gained altitude on Monday as oil prices plummeted. Benchmark Brent fell by 2.9% to US$72.48 a barrel over the course of the morning, as traders mulled the ramifications of a strike by Israel against Iran on Saturday.
Crude oil futures dip sharply, breaching support levels as Asian demand wanes and OPEC delays output hikes. Read more on key price indicators and market outlook.