Oil prices rose on Friday, on track to end higher this week following two straight weeks of losses, after a top U.S. official expressed optimism over economic growth and U.S. inflation rose moderately in March in line with expectations.
Oil prices settled lower on Wednesday, with pressure from U.S. data showing a drop in weekly demand for gasoline outweighing support from the first drop in commercial crude supplies in five weeks.
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 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 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 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 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 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 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.
GMT, Light Crude Oil Futures are trading $83.72, up $0.15 or +0.18%. Treasury Secretary Janet Yellen’s statements to Reuters on Thursday provided a significant boost. Yellen hinted at a possible upward revision of U.
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 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.