Price movements
Brent crude futures rose 23 cents, or 0.31 percent, to $74.45 per barrel upon settlement, but US West Texas Intermediate crude futures fell 28 cents, or 0.4 percent, to $70.67 per barrel.
The two benchmark crude oils settled yesterday, Wednesday, at their lowest levels since October 2 for the second day in a row, after the Organization of the Petroleum Exporting Countries (OPEC) reducedOPEC) andInternational Energy Agency Demand forecast for 2024 and 2025.
The Energy Information Administration said today that US crude inventories fell by 2.2 million barrels to 420.6 million barrels in the week ending October 11, compared to analysts’ expectations in a Reuters poll for a rise of 1.8 million barrels.
Gasoline and distillate stocks also fell last week.
And lower European Central Bank Today interest rates rose for the third time this year, indicating that inflation control in the Eurozone is currently getting tighter and that the economic outlook is not positive.
This decision is expected to boost demand for Oil Which supports its prices because it reduces borrowing costs.
But prices stabilized due to the decline in fears that an Israeli attack might lead to… Iran In response to the Iranian missile attack on the first of October, there was a disruption in oil supplies, despite the continued uncertainty regarding the development of the conflict in the Middle East.
“The Israeli response to Iran is not yet clear,” said John Evans of oil brokerage PVM.
He added, “A new reason will emerge from (the Middle East) that will be sufficient to move oil prices again soon, and investors will also be preoccupied today with an abundance of financial data.”
Investors are still waiting for more details from China regarding its broad plans announced on October 12 to revive its slowing economy, including efforts to support the faltering real estate market.
