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For the second week in a row...oil prices are affected by tensions in the Middle East and are rising
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Oil prices rose at the close, after geopolitical tensions in the Middle East overshadowed the forecasts of the International Energy Agency, which warned of a slowdown in demand.
Brent crude futures rose 61 cents, or 0.74%, at settlement to $83.47 per barrel. US West Texas Intermediate crude futures also rose $1.16, or 1.49%, to $79.19 per barrel.
Prices rose for the second week in a row, as Brent rose by more than 1% by the end of the week, while US crude rose by about 3%, according to Reuters.
Prices received support due to the increasing risk of a broader conflict in the Middle East.
The Lebanese Hezbollah group said on Thursday that it had fired dozens of rockets at a town in northern Israel in an “initial response” to the killing of ten civilians in southern Lebanon, the largest number of civilians killed in one day during four months of cross-border hostilities.
Officials said that the largest hospital in Gaza is still operating under the Israeli siege during the war that Israel is waging with the Islamic Resistance Movement (Hamas), while warplanes bombed the city of Rafah, the last refuge for Palestinians in the Strip.
The threats continued in the Red Sea after a missile launched from Yemen hit an oil tanker heading to India.
Producer prices in the United States rose more than expected in January, which could exacerbate fears that inflation will rise again.
The International Energy Agency said on Thursday that the growth of global oil demand is slowing, and it reduced its forecast for growth in 2024.
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Added 02/17/2024 - 10:23 AM
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Economy News - follow up
Oil prices rose at the close, after geopolitical tensions in the Middle East overshadowed the forecasts of the International Energy Agency, which warned of a slowdown in demand.
Brent crude futures rose 61 cents, or 0.74%, at settlement to $83.47 per barrel. US West Texas Intermediate crude futures also rose $1.16, or 1.49%, to $79.19 per barrel.
Prices rose for the second week in a row, as Brent rose by more than 1% by the end of the week, while US crude rose by about 3%, according to Reuters.
Prices received support due to the increasing risk of a broader conflict in the Middle East.
The Lebanese Hezbollah group said on Thursday that it had fired dozens of rockets at a town in northern Israel in an “initial response” to the killing of ten civilians in southern Lebanon, the largest number of civilians killed in one day during four months of cross-border hostilities.
Officials said that the largest hospital in Gaza is still operating under the Israeli siege during the war that Israel is waging with the Islamic Resistance Movement (Hamas), while warplanes bombed the city of Rafah, the last refuge for Palestinians in the Strip.
The threats continued in the Red Sea after a missile launched from Yemen hit an oil tanker heading to India.
Producer prices in the United States rose more than expected in January, which could exacerbate fears that inflation will rise again.
The International Energy Agency said on Thursday that the growth of global oil demand is slowing, and it reduced its forecast for growth in 2024.
Views 63
Added 02/17/2024 - 10:23 AM
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