Traders continue to monitor Israel-Hamas war developments
Oil futures traded higher on Wednesday, with prices rebounding after two consecutive session declines, as traders continued to monitor developments around the Israel-Hamas war and awaited a Federal Reserve policy decision.
Price action Market drivers After two days of bearish trading, crude prices attempted to reverse course in Wednesday dealings, said Robbie Fraser, manager, global research and analytics, at Schneider Electric, in a daily note. Read Israel-Hamas war has potential to fuel oil-price shock that can disrupt food security: World Bank
Meanwhile, commodity analysts at Goldman Sachs said in a Wednesday note that the market for crude will continue to tighten, and backed up their forecast for Brent to hit $100 a barrel by June. The increase was the second in a row reported by the government agency, and came in close to some market expectations.
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