Reported 9 months ago
Oil prices edged higher on Thursday as supply disruption risks from rising geopolitical tensions in the Middle East helped counter concerns over sluggish U.S. demand following a surprise increase in inventory. Both Brent crude oil futures and U.S. West Texas Intermediate crude futures rose, with Brent reaching $85.95 a barrel and WTI reaching $81.47. The unexpected growth of 3.6 million barrels in U.S. crude oil stocks, along with a rise in gasoline stocks, disappointed analysts expecting a drawdown. Despite this, escalating tensions between Israel, Hamas, and Hezbollah in the Middle East continue to support prices, as potential conflicts could impact oil supplies from the region. Turkish President Erdogan expressed solidarity with Lebanon amid the geopolitical tensions.
Source: YAHOO