Myra P. Saefong, assistant global markets editor, has covered the commodities sector for MarketWatch for 20 years. She has spent the bulk of her years at the company writing the daily Futures Movers and Metals Stocks columns and has been writing the weekly Commodities Corner column since 2005.
Oil futures traded lower on Monday, with prices pulling back after rallying late last week, as investors monitored the Israel-Hamas war amid fears the conflict could escalate, threatening supplies.
“The big question mark surrounds a possible spillover of the confrontation, which could affect major oil producers in the region, and how such a scenario could affect the global supply of crude,” he said. “Against this background, uncertainty will remain high, in a dynamic likely to continue to support the price of the barrel.
“Aside from the influence of geopolitics, however, oil market fundamentals were mixed as U.S production surged to a new record high , but consumer demand rebounded as well and economic data continued to indicate a resilient labor market, both of which support the case for higher prices,” analysts at Sevens Report Research wrote in a Monday note.
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