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Oil stabilizes after six days of gain ahead of OPEC market outlook

Oil held steady after six days of gains ahead of OPEC’s market outlook and as traders also monitored developments in the war between Israel and Hamas.

West Texas Intermediate was trading near $77 a barrel after capping its longest streak of daily gains since September. The monthly report from the Organization of the Petroleum Exporting Countries will shed light on global balances as the cartel and its allies curb production. Morgan Stanley recently raised its price targets, citing in particular OPEC’s better-than-expected compliance with cuts.

In the Middle East, tensions remain high. Israel launched strikes on Rafah in the Gaza Strip as part of its war against Hamas, even as Iranian Foreign Minister Hossein Amirabdollahian signaled a possible diplomatic end to the conflict. Tehran-backed Houthi rebels continue to harass shipping in the Red Sea.

Crude has been trading in a range of around $10 a barrel since the start of the year, as nervousness over the Middle East conflict and OPEC supply cuts is offset by plentiful production outside the group and uncertain demand prospects. China, the largest importer, faces pervasive deflationary pressures, while Goldman Sachs Group Inc. has highlighted risks to consumption.

News Source : www.cnbctv18.com

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