Oil erased a drop after OPEC+ leaders Saudi Arabia and Russia reaffirmed their close cooperation in the crude market with a public show of unity, and traders monitored events in Israel and Gaza.
West Texas Intermediate edged toward $84 a barrel after earlier having shed all of the gains seen following Hamas’ attack on Israel last weekend. Speaking in a joint interview on Russian state TV, Saudi Energy Minister Prince Abdulaziz bin Salman said producers will continue to act preemptively. Russia’s Deputy Prime Minister Alexander Novak, meanwhile, said the market balance was fragile.
In the Middle East, Israeli military forces continue to mass along the border of the Gaza Strip ahead of an expected ground assault into the enclave in a bid to wipe out Hamas following the group’s attacks last weekend. There are concerns that the conflict may spread across the region, endangering crude flows.