Oil settles 3% higher as Middle East war risk makes investors cautious

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NEW YORK: Oil prices settled more than 3% higher on Monday, with Brent surpassing $80 per barrel for the first time since August as the increased risk of a region-wide Middle East war jolted investors out of record bearish positions amassed last month.

"Up until a week ago, I had thought we would be testing low $60s in oil," said Brent Belote, founder of commodities focused hedge fund Cayler Capital.

Demand remains weak, and the Organization of Petroleum Exporting Countries have enough spare supply capacity to offset any disruptions to Iranian exports, Belote added.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaChinaIsraelLebanon

Topics: /Business/Business News Petroleum Crude Commodities Opec Brent Oil WTI

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-08 @ 08:40:00 (5 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 489 words

Reading Time: 3 minutes read

Sentences: 20 lines

Sentence Length: 25 words per sentence (average)

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Copyright Owner: © The Star

News ID: 22942775

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