Oil rises as Middle East worries offset US crude stock buildup

11 apr 2024 · 6 min. 54 sec.
Oil rises as Middle East worries offset US crude stock buildup
Descrizione

Oil prices experienced a rise on Wednesday, reversing the downward trend of the past two days. This increase was influenced by the ongoing uncertainty around the ceasefire talks in Gaza,...

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Oil prices experienced a rise on Wednesday, reversing the downward trend of the past two days. This increase was influenced by the ongoing uncertainty around the ceasefire talks in Gaza, which has heightened worries about the stability of oil supplies from the Middle East. The concerns counteracted the impact of a larger-than-anticipated rise in U.S. crude inventories. Brent crude futures saw a modest climb, with prices up by 25 cents to $89.67 per barrel, while U.S. West Texas Intermediate (WTI) crude futures increased by 24 cents to $85.47 per barrel. Despite the geopolitical tensions stemming from the conflict in Gaza, prices remained around 1.7% lower than at the end of the previous week. The ongoing strife in Gaza, coupled with the potential for the conflict to escalate and draw in more regional actors, mainly Iran, poses a significant risk to the oil supply. Meanwhile, in the U.S., crude stockpiles rose more than expected, further complicating the market dynamics. However, analysts suggest that multiple factors, such as developments in the U.S. economy or further escalations in geopolitical tensions, could rekindle an upward trend in oil prices.

- Rising oil prices amidst Middle East tensions
- Impact of U.S. crude stockpile increase on oil markets
- Ongoing Gaza ceasefire talks and geopolitical uncertainty
- Potential escalation in the Middle East affecting oil supply
- Analyst forecasts and market reactions to global events
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