Oil prices were steady on Thursday as concern about fuel demand after slower-than-expected U.S. economic growth was offset by worries of supply disruptions as Israel stepped up airstrikes on Gaza's Rafah.
Oil prices could rise to $102 per barrel if a major conflict in the Middle East breaks out involving one or more oil producers, according to the World Bank.
Oil gained in possible position adjustment in the early Asian session. With no supply disruptions, however, the focus has shifted to increasingly bearish near-term fundamentals, Citi said.
Oil steadied on Thursday after settling lower the previous day as signs of retreating fuel demand in the U.S., the world's biggest oil user, contended with widening conflict risks in the Middle East.
Oil prices could rise to $102 per barrel if a major conflict in the Middle East breaks out involving one or more oil producers, according to the World Bank.
Oil prices steadied on Thursday after settling lower in the previous day, as signs of retreating fuel demand in the U.S., the world's biggest oil user, contended with widening conflict risks in the key Middle East producing region.
Oil prices edged higher on Wednesday amid reports of bullish U.S. inventories and signs of a tightening market, despite a reduced geopolitical risk premium. Brent crude and WTI were both 0.2% up—at $87.
Oil prices eased in early trade on Thursday as concerns about a potential slowdown in the U.S. economy amid prospects for delayed interest rate cuts outweighed worries over the risk of expanding conflict in the Middle East.
Oil prices fell on Wednesday as worries over conflict in the Middle East eased and business activity in the United States slowed, although a fall in U.S. crude oil inventories put a floor on those losses.
Oil prices fell around 1% on Wednesday as worries over conflict in the Middle East eased and business activity in the world's largest oil consumer slowed, however, a fall in U.S. crude oil inventories put a floor on those losses.
Oil prices steadied above $88 a barrel on Wednesday after rallying in the previous session on a surprise fall in U.S. crude stocks and a drop in business activity in the world's largest oil consumer.
Oil prices extended gains on Wednesday after industry data showed a surprise drop in U.S. crude stocks last week, a positive sign for demand, though markets were also keeping a close eye on hostilities in the Middle East.
Oil prices steadied on Thursday after settling lower in the previous day, as signs of retreating fuel demand in the U.S., the world's biggest oil user, contended with widening conflict risks in the key Middle East producing region.