Oil prices rose on Thursday as the prospect of a widening Middle East conflict that could disrupt crude oil flows from the key exporting region overshadowed a stronger global supply outlook.
On Monday, Brent futures ended September down 9%, the third month of declines and largest monthly drop since November 2022. It slumped 17% in the third quarter for its biggest quarterly loss in a year. WTI fell 7% last month and dropped 16% for the quarter.
Oil prices rose for a second consecutive session on Monday, with concerns escalating over potential supply disruptions in the Middle East after Israel stepped up attacks on Palestianian militant group Hamas and Iranian-backed forces in the region.
Gold prices steadied in Asian trade on Thursday, remaining close to record highs as focus turned to an upcoming address by Federal Reserve Chair Jerome Powell, while key U.S. economic readings also loomed.
Prices rose by about 1.7% on Tuesday after China announced its most aggressive economic stimulus since the COVID-19 pandemic, with interest rate cuts and government funding.
Oil prices rose on Tuesday on news of monetary stimulus from top importer China and concerns that tensions in the Middle East could hit regional supply, while a major hurricane loomed over the United States, the world’s biggest crude producer.
A reported decision by the Organization of the Petroleum Exporting Countries and its allies to delay the beginning of a tapering in voluntary output cuts, along with ongoing supply losses in Libya, is predicted to contribute to a oil market deficit of around 0.4 million barrels per day in the final three months of 2024,…
U.S. crude stocks rose by 1.96 million barrels in the week ended Sept. 13, market sources said on Tuesday citing American Petroleum Institute figures. Gasoline and distillates inventories also increased.
Major organizations, including the International Energy Agency (IEA), U.S. Energy Information Administration (EIA), and OPEC, have all reduced their oil consumption projections for 2024 and 2025.
Both contracts rose by more than 2% in the previous session as offshore platforms in the U.S. Gulf of Mexico were shut and refinery operations on the coast were disrupted by Hurricane Francine’s landfall in southern Louisiana on Wednesday.
