Discover the latest update on the oil market: Oil prices show resilience in the face of Middle East conflict. Find out more about the rise in oil prices and what it means for investors and traders.
Oil futures saw a 0.3% increase to $74.49 a barrel, while U.S. West Texas Intermediate crude futures experienced a slight drop to $70.85 per barrel. This comes after a recent decline in prices due to concerns over demand and supply disruptions.
Despite a weaker demand outlook and reports of reduced supply disruption fears, uncertainty remains high with ongoing conflict between Israel and Iran-backed militant group Hezbollah. The U.S. has also expressed concerns over Israel’s recent air strikes in Beirut.
On the demand side, both OPEC and the IEA have revised their forecasts for global oil demand growth, with China being a key factor in the downgrades. Additionally, market watchers are awaiting the latest inventory data to be released, with expectations of a rise in crude stockpiles.