15/10/2024 Evening Reports
Oil prices plummeted after reports that Israel may refrain from targeting Iran’s crude infrastructure, alleviating concerns about potential supply disruptions. West Texas Intermediate fell nearly 5% to around $70 a barrel, while Brent futures dropped below $74.
Israel is considering U.S. warnings against striking Iranian energy sites, with Prime Minister Netanyahu indicating a preference for military strikes over oil or nuclear facilities. Despite regional tensions, the International Energy Agency (IEA) warned of a significant oil market glut in early 2025, citing reduced demand growth forecasts and record spare capacity in OPEC+.
Crude prices have fluctuated amid escalating Middle East conflicts, particularly following Iran’s missile barrage on October 1. Analysts noted that Israel’s decision to avoid targeting Iran’s oil infrastructure has eased immediate market fears.
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US Futures Flat as Bank Earnings Shine, Oil Slumps on De-escalation Reports
S&P 500 and Nasdaq 100 futures were little changed, with Bank of America shares rising premarket after it beat earnings expectations.
Energy stocks declined as oil prices dropped below $75 per barrel following reports that Israel would delay attacks on Iranian oil facilities.
Major companies like Citigroup, Goldman Sachs, and Netflix are set to report later this week, with investors anticipating positive earnings surprises due to lowered expectations.
In Europe, the Stoxx 600 fell, dragged by energy stocks and a drop in beauty shares after Coty Inc. reduced its growth outlook.
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