Price movements
Prices fell Oil More than four percent to its lowest levels in about two weeks yesterday, Tuesday, due to weak demand expectations and after a newspaper report stating that Israel will not strike Iranian nuclear and oil sites, which calmed concerns about supply disruptions.
By 09:30 GMT, Brent crude futures rose 16 cents, or 0.2 percent, to $74.41 per barrel.
While US West Texas Intermediate crude futures fell 19 cents, or 0.3 percent, to $70.39 per barrel.
However, concerns remain about the escalation of the conflict between… Israel And the Iranian-backed Lebanese Hezbollah group.
Its production cuts remain OPEC+ Valid until December until some members of the organization begin to increase their production.
On the demand side, the Organization of the Petroleum Exporting Countries (OPEC) reduced…International Energy Agency This week, they forecast global oil demand growth in 2024, and Chinese demand represents the main factor in lowering expectations.
Local media reported that China It may raise an additional six trillion yuan ($850 billion) in special Treasury bonds over three years to stimulate the flagging economy.
Currently, the market is awaiting the latest data on crude and fuel inventories in… US.
The American Petroleum Institute is scheduled to issue its weekly report later today, Wednesday, while data from the Energy Information Administration will be released tomorrow, Thursday.
Analysts polled by Reuters expected crude inventories to rise by about 1.8 million barrels in the week ending October 11.
