Brent steady as markets focus on Middle East tensions and US inventory data

There was little change in Brent crude futures contracts in Asia, today, Thursday, hovering at just below their highest levels in seven weeks, as the market studies geopolitical developments in the Middle East while awaiting US inventory data.

Brent crude for August rose six cents to $85.13 a barrel. But US West Texas Intermediate crude futures for July, which expire today, fell 15 cents to $81.42 per barrel.

There was no settlement for West Texas Intermediate crude yesterday, Wednesday, due to a holiday in the United States, which made trading activity largely weak. The most active August contracts fell 17 cents to $80.54 a barrel.

Brent crude futures rose in early trading today as the market assessed the impact of news of the Israeli tank incursion into Gaza.