In light early trading on Monday morning—a national holiday in the US—oil prices began to decline At $82.89 per barrel, Brent crude futures were down 58 cents, or 0.69%. At 0138 U.S. West Texas Intermediate crude was down 35 cents, or 0.44%, at $78.84.
The second-largest hospital in the Gaza Strip was shut down by Israeli airstrikes over the weekend, With its spare capacity at an eight-year high of 6.4 million barrels of oil per day, the Organization of the Petroleum Exporting Countries (OPEC) would be able to cover “most levels of disruption,” according to ANZ Research analysts in a note.
The market was also made aware of the hazy demand picture, as the International Energy Agency cautioned that growth will likely slow down in 2024, according to ANZ. Throughout the year, the agency projects a market surplus. Days before the two-year anniversary of its invasion, on Sunday, Russia announced that it had gained complete control of the Ukrainian town of Avdiivka, marking its largest win in nine months.
