As the world's leading investment manager and financial market journalist, I bring you the latest update on oil prices. Despite a four-week climb, prices saw a slight decrease on Monday due to easing worries about supply disruptions in Gaza. However, the potential impact of Hurricane Beryl on supplies kept the slide in check.
As of 1230 GMT, oil futures were down 0.5% at $86.12 a barrel, while U.S. West Texas Intermediate (WTI) crude stood at $82.64 a barrel, down 0.63%.
Ceasefire talks in Gaza, mediated by Qatar and Egypt, could potentially reduce the geopolitical bid in the market, according to IG analyst Tony Sycamore. Despite a weaker dollar, oil faced selling pressure on expectations of a ceasefire in the Middle East, as noted by Charalampos Pissouros, senior investment analyst at brokerage XM.
Meanwhile, Hurricane Beryl made landfall near Matagorda, Texas, with ports in Texas closing in preparation for the storm. This could impact oil and natural gas exports, as well as refinery infrastructure in the region.
Analysts are also monitoring U.S. oil inventories, with expectations of another large weekly draw amid peak driving season. Additionally, recent elections in the UK, France, and Iran could have implications for geopolitics and energy policies.
In conclusion, the easing of supply disruption concerns in Gaza and the looming threat of Hurricane Beryl are influencing oil prices. Investors should keep an eye on geopolitical developments and weather events that could impact the energy market and their financial portfolios.