Oil prices continued to rise, with prices remaining within a narrow range, as signs of tightening oil markets offset concerns about weak demand.
Brent crude oil traded above $83 a barrel after closing 0.8% higher on Wednesday, while West Texas Intermediate was near $78. The industry-funded American Petroleum Institute reports that U.S. crude inventories have increased significantly, but time spreads suggest a tightening market. Official data is expected to be released later Thursday.
The lack of new drivers for oil means futures prices often take their cues from the broader stock market, with prices influenced by the rise and fall of global stocks during earnings and economic data releases. There is.
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Oil prices have been trading near the top of their range since the beginning of the year as investors juggle a bleak demand outlook for China, its biggest importer, including heightened geopolitical risks in the Middle East and disruptions in the Red Sea. In the United States, minutes from the Federal Reserve's latest meeting show that most officials remain concerned about the risk of cutting borrowing costs too soon (headwinds to energy demand). There is.
In the Middle East, efforts continue to reach a new agreement for the release of hostages held by Hamas in the Gaza Strip, Israeli Minister Benny Gantz said at a press conference. He reiterated that if hostage deal negotiations are unsuccessful, Israeli forces will enter Rafah during Ramadan.
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