The National on Nostr: Oil set for weekly gain amid Middle East tensions and easing of US recession fears ...
Oil set for weekly gain amid Middle East tensions and easing of US recession fears
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Oil prices steadied on Friday and were on track to record a weekly gain amid geopolitical tensions in the Middle East and an improving outlook for the US economy; Brent was trading at $79.11 a barrel and West Texas Intermediate was at $76.21 a barrel; Crude futures have been volatile this week due to a production cut at Libya’s largest oilfield and as traders brace for potential Iranian retaliation against Israel; Oil prices fell earlier in the week following weaker-than-expected job figures in the US, sparking concerns about a potential recession; The number of new unemployment benefit applications in the US dropped more than expected, easing concerns about a deteriorating labour market and allaying fears of a hard recession; US crude inventories fell by 3.7 million barrels in the week that ended on August 2, while total petroleum stocks increased by 1.3 million barrels; Goldman Sachs expects Brent prices to maintain a $75 per barrel floor despite near-term macroeconomic concerns; Israel has agreed to resume Gaza ceasefire talks on August 15 after calls from US, Qatari, and Egyptian mediators
#Oil #MiddleEast #Us #Recession #GeopoliticalTensions
https://www.thenationalnews.com/business/energy/2024/08/09/oil-set-for-weekly-gain-amid-middle-east-tensions-and-easing-of-us-recession-fears/
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Oil prices steadied on Friday and were on track to record a weekly gain amid geopolitical tensions in the Middle East and an improving outlook for the US economy; Brent was trading at $79.11 a barrel and West Texas Intermediate was at $76.21 a barrel; Crude futures have been volatile this week due to a production cut at Libya’s largest oilfield and as traders brace for potential Iranian retaliation against Israel; Oil prices fell earlier in the week following weaker-than-expected job figures in the US, sparking concerns about a potential recession; The number of new unemployment benefit applications in the US dropped more than expected, easing concerns about a deteriorating labour market and allaying fears of a hard recession; US crude inventories fell by 3.7 million barrels in the week that ended on August 2, while total petroleum stocks increased by 1.3 million barrels; Goldman Sachs expects Brent prices to maintain a $75 per barrel floor despite near-term macroeconomic concerns; Israel has agreed to resume Gaza ceasefire talks on August 15 after calls from US, Qatari, and Egyptian mediators
#Oil #MiddleEast #Us #Recession #GeopoliticalTensions
https://www.thenationalnews.com/business/energy/2024/08/09/oil-set-for-weekly-gain-amid-middle-east-tensions-and-easing-of-us-recession-fears/