(New York) Oil prices fell slightly on Friday in a market tense by rising uncertainty, whether in the Middle East, with the possible invasion of Gaza, or in the United States, where a political crisis looms in Congress.
The price of a barrel of North Sea Brent for December delivery fell 0.23%, to close at $92.16.
A barrel of American West Texas Intermediate (WTI) maturing in November, which was the last day of trading, fell 0.69% to $88.75.
Black gold moved in the green for a long time, before weakening at the end of the session.
“Operators fear that an event over the weekend could shake up prices,” commented Craig Erlam of Oanda in a note.
Israel is still preparing for a ground offensive in Gaza, after suffering the deadliest attack in its history in early October.
In the north of the country, near the border with Lebanon, the Israeli army is also deployed en masse, in the event of the opening of a second front, with the pro-Iranian movement Hezbollah.
For Mark Wagoner of Excel Futures, the market is also concerned about the situation in the US Congress. The Republican majority has been deprived of a leader since the arrival of Kevin McCarthy, more than two weeks ago.
In the absence of a president, the House of Representatives is paralyzed, with the deadline looming in less than a month to reach an agreement on the budget.
Without compromise by November 17, the U.S. government would be forced to suspend some of its activities, a walkout known as a “shutdown.”
Brokers were also scrutinizing other markets, which were quite gloomy.
“People see oil rising with geopolitical tensions, but if the stock market falls, it will drag crude down with it,” warns Mark Wagoner.
“We don’t want to bet on the downside” on oil, because it is at the mercy of a deterioration in the Middle East, “but we don’t want to bet on the upside either,” summarizes the analyst. “I didn’t have a lot of calls (from customers) today. People stay behind. »
