Goldman Sachs Hamas Attacks Will Have No Immediate Impact On Oil Inventories

. Goldman Sachs has, however, added that the attacks lower the likelihood of normalization of Israel's relations with Saudi Arabia, which would likely have boosted Saudi production over time. Oil prices have reversed course and clawed back heavy losses over the past two weeks after Hamas’ deadly attack on Israel raised fears of a wider regional conflict. Oil prices jumped by nearly 4% in Monday’s intraday session with Brent crude trading at $87.

Previously, the nearly four-month-long oil price rally had come unstuck, with oil prices crashing spectacularly over the past weeks thanks to a smaller-than-expected decline in domestic crude supplies accompanied by a much larger-than-expected increase in fuel inventories. 'Fears over demand factors are creeping back in the marketplace. Global macroeconomic headwinds and rising yields the price of oil may have reached a short-term peak,' Spartan Capital’s Peter Cardillo has said.

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The New Global Oil Market Order Hangs In The Balance After Hamas Attacks IsraelThe potential for the Hamas attacks on Israel to suck in other Arab states into the conflict, and for it to then become another proxy war could have major ramifications for a large number of countries.
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