EBC Markets Briefing | ​Crude prices down; gold broke $4,500

Oil prices eased on Friday, after global central bankers sounded the alarm on inflation risks stemming from the ongoing war in the Middle East.

Gulf Oil's senior energy advisor Tom Kloza warned that markets could enter an "all bets are off”"scenario if the conflict spills beyond the Gulf and begins targeting energy infrastructure in other regions.

Israel PM Netanyahu said that Iran had lost the ability to enrich uranium and make ballistic missiles. He also added Israel was helping the US open the Strait of Hormuz.

Iraq agreed with Kurdistan to resume oil exports through a pipeline in the semi-autonomous region, a boost for OPEC's second-largest producer after the closure of the waterway forced output cuts.

Iraq has the capacity to ship at least 150,000 to 200,000 barrels a day from Kirkuk, in addition to 210,000 barrels a day from Kurdistan, through the northern pipeline, Iraqi Oil Minister said.

Crude oil inventories increased by 6.2 million barrels during the week ending 13 March, according to the EIA. The sum is still 1% below the five-year average for this time of year.

Bearish RSI divergence and the overbought condition pointed to a good chance of easing further from the current level. The first major support is seen to lie around $98.3.

Asset recap

As of market close on 19 March, among EBC major products, Schlumberge shares led gains. Its quarterly dividend was raised 3.5%, and the company has committed to returning more than $4 billion to shareholders in 2026.

Owens Corning reported Q4 results on Wednesday that came in below analyst expectations, with both earnings and revenue missing forecasts amid difficult market conditions that weighed on demand.

Gold and silver plunged as the war in the Middle East continues to lift energy prices. Soaring crude and gas prices have become a key driver behind the precious metals' declines in recent days.

EBC Financial Group Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Global Financial Collaboration or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

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