Oil rises amid indicators of economic growth in America

Price action

Crude futures rose Brent For June, 15 cents, equivalent to 0.2 percent, reached $89.51 per barrel at settlement by 0037 GMT. Crude futures also increased US West Texas Intermediate For May, 15 cents, or 0.2 percent, to $85.59 a barrel.

The Brent June contract and the May West Texas Intermediate crude contract recorded increases over the past four days and closed yesterday, Wednesday, at the highest level since the end of October.

And it rose Oil prices After Ukrainian attacks on Russian refineries led to a reduction in fuel supplies, and amid fears that the war in Gaza between Israel and Hamas may extend to include Iran, which could lead to disruption of supplies in the Middle East.

The senior ministers of the Organization of the Petroleum Exporting Countries remainedOPEC“Allies, including Russia, at a meeting held yesterday, Wednesday, agreed on the oil production policy without change and urged some countries to strengthen commitment to production cuts.

The meeting emerged that some members will compensate for the increase in supplies in the first quarter.

Jerome Powell, Chairman of the Federal Reserve, expressed this Federal (US central bank) also warned Wednesday about future interest rate cuts after data published recently showed job growth and inflation higher than expected.

Rob Haworth, senior director of investment strategy at U.S. Bank Asset Management, explained that the comments are positive for oil because they reflect strong economic growth in the United States.

In the Middle East, she vowed Iran In retaliation against Israel for an attack that occurred on Monday, in the Syrian capital, Damascus, which led to the killing of a number of senior Iranian military personnel. Iran is the third largest producer in OPEC.



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