Update prices
Crude futures rose Brent November delivery was up 36 cents, or 0.5 percent, at $74.01 a barrel by 0618 GMT, while October West Texas Intermediate crude futures were up 34 cents, or 0.3 percent, at $71.15 a barrel, according to Reuters data.
Both benchmarks recovered after falling in early Asian trading.
And reduce US Central Bank Interest rates were cut by half a percentage point on Wednesday. A rate cut usually results in a Interest To boost economic activity and increase demand for energy, but the market received this cut as a sign of tightness in the labor market, which could lead to a slowdown. Economy.
“While the 50bp rate cut signals significant economic challenges ahead, bearish investors were not satisfied after the Fed raised its medium-term rate forecasts,” analysts at ANZ said in a note.
Demand also remained weak. China The resulting economic slowdown has a negative impact on the markets.
China’s oil refinery output fell for a fifth straight month in August, data from the country’s statistics bureau showed. Growth also slowed Industrial output In China, retail sales and new home prices fell to a five-month low last month, while housing starts and property prices continued to decline.
Markets are awaiting developments in the Middle East after the explosion of wireless communication devices used by the Lebanese Hezbollah group yesterday, Wednesday, a day after similar explosions of wireless communication devices (pagers).
Security sources told Reuters that the Israeli intelligence agency Mossad was responsible for the explosions, but Israeli officials did not comment on the explosions.
Analysts say in Citibank They expect a deficit in Oil market By about 0.4 million barrels per day to support crude prices Brent In the range of $70 to $75 per barrel over the next quarter, but that will be temporary.
