Brent crude oil futures rose 16 cents to $74.41 a barrel by 0930 GMT, while U.S. West Texas Intermediate crude futures slipped 19 cents to $70.39
Oil steadied on Wednesday, supported by OPEC+ cuts and uncertainty over what may happen next in the Middle East conflict, although an outlook for ample supply next year added downward pressure.
Brent crude oil futures rose 16 cents, or 0.2 per cent, to $74.41 a barrel by 0930 GMT. U.S. West Texas Intermediate crude futures slipped 19 cents, or 0.3 per cent, to $70.39. “We would be somewhat surprised if the geopolitical risk premium has disappeared for the time being,” said Norbert Ruecker of Julius Baer.On the demand side, the Organization of the Petroleum Exporting Countries and the International Energy Agency this week cut their 2024 global oil demand growth forecasts, with China accounting for the bulk of the downgrades.
“Monetary and fiscal efforts to revive the Chinese economy are proving a damp squib,” said Tamas Varga at oil broker PVM.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil Steadies With Middle East Tensions and Stockpiles in Focus(Bloomberg) -- Oil steadied after a two-day gain as traders assessed rising tensions in the Middle East, indications of higher US stockpiles, and the likely ...
Read more »
Oil Set for Weekly Gain After Fed Cut With Focus on Middle East(Bloomberg) -- Oil was on track for the biggest weekly advance since April after a steep interest-rate cut by the Federal Reserve, while traders continued to...
Read more »
S&P/TSX index down as oil prices jump on Middle East conflict, U.S. markets also downTORONTO — Canada's main stock index dipped lower on Thursday as losses outweighed strength in energy stocks, while U.S. markets also moved lower.
Read more »
Oil Climbs for Third Day as Middle East Supply Risks DominateOil rose for a third day as traders assessed supply risks in the Middle East, with Israel expected to make a retaliatory strike against Iran following Tehran’s missile barrage earlier this week.
Read more »
Stocks lose ground, oil extends gains amid Middle East tensionThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Oil supply disruptions possible as Middle East conflict escalates, experts warnOil prices are gaining on escalating tensions in the Middle East on Wednesday.
Read more »