Oil gains 0.80% and returns above $71 per barrel, reaching $71.10. Oil prices are rising despite a sell-off in U.S. stocks following reports that Iran is preparing to attack Israel from Iraqi territory in the coming days.
Israel is on high alert, anticipating a potential response from Iran following Israeli airstrikes on October 26. Crude oil initially reacted with a sharp drop to Israel's attack on Iranian military infrastructure. The attack was limited and did not target oil infrastructure, which erased the entire risk premium related to Middle Eastern uncertainty from the market.
Subsequently, oil prices have rebounded and are gaining for the third consecutive session. The initial catalyst was reports from the OPEC+ group of producers about a possible delay in the planned increase in production, which was originally scheduled for December this year. The increase in production may be postponed by a month or more.
OIL.WTI (D1 interval)
OIL.WTI is gaining to $71.10 per barrel, testing the local resistance zone. The key support level, which has protected against further declines this week, remains around $67.
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Source: xStation 5
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