Brent prices fell again on Friday (October 10th) as the Middle East risk premium faded after Israel and Hamas agreed to the initial phase of a ceasefire plan, dampening the geopolitical pressures that had previously boosted prices. Peace sentiment prompted market participants to reassess the supply disruption scenario from the region.
Additional pressure came from US fundamentals: crude inventories rose by 3.7 million barrels last week, indicating tighter supply, although stocks remained slightly below the five-year average. The consecutive inventory increases, combined with the fading risk premium, limited the oil rally in the short term, while market participants awaited further cues from OPEC+, the direction of the USD/yields, and the next inventory release.
Source: Newsmaker.id
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