Oil prices rose slightly on Thursday as investors factored in firm winter fuel demand expectations despite large U.S. fuel inventories and macroeconomic concerns.
Brent crude futures were up 35 cents, or 0.5%, at $76.51 a barrel by 1246 GMT. U.S. West Texas Intermediate crude futures gained 30 cents, or 0.4%, to $73.62.
Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in U.S. fuel stockpiles pressured prices.
Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.
U.S. President Joe Biden is expected to announce new sanctions targeting Russia's economy this week, according to a U.S. official. The move is part of efforts to bolster Ukraine's war effort against Russia before President-elect Donald Trump takes office on Jan. 20. A key target of sanctions so far has been Russia's oil industry.
The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of Trump's entrance into the White House.
Source: Investing.com
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one ...
Oil prices rose on Wednesday (February 11th), supported by a combination of geopolitical risk premiums from US-Iran tensions and more solid Asian demand signals particularly from India which helped ea...
Oil remained in the green zone on Tuesday (February 10th), as the market refused to abandon the Middle East risk premium. As of 13:07 GMT (20:07 WIB), Brent rose +0.4% to $69.32/barrel, while WTI rose...
Oil prices fell about 1% on Monday as concerns about conflict in the Middle East eased slightly. The market calmed after the US and Iran agreed to resume talks on Tehran's nuclear program, reducing fe...
Oil prices moved slightly higher in a volatile session on Friday, as investors assessed the direction of nuclear negotiations between the United States and Iran. Price movements appeared sensitive to ...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...