Oil prices experienced a boost in early trading on Thursday, driven by multiple factors including a decrease in US crude inventories, which suggests a tightening of supply. Brent crude futures for July delivery climbed 23 cents to reach $83.81 per barrel, while US West Texas Intermediate crude futures for June rose 29 cents to hit $79.28 per barrel.<\/p>\n\n\n\n
The US Energy Information Administration’s report revealing a 1.4 million barrel decline in crude inventories to 459.5 million barrels, surpassing analysts’ expectations of a 1.1 million barrel decrease, contributed to the upward momentum. This decrease was accompanied by increased refinery activity.<\/p>\n\n\n\n
However, the build-up of gasoline stocks, which unexpectedly rose by over 900,000 barrels to 228 million barrels during the same period, tempered the extent of the price increase.<\/p>\n\n\n\n
Additionally, growing anticipation of a potential interest rate cut by the Federal Reserve later in the year, following disappointing job data, buoyed oil prices. A rate cut could potentially stimulate increased spending on crude oil.<\/p>\n\n\n\n
Despite these bullish factors, hopes for a ceasefire in the Middle East, particularly between Israel and Hamas, acted as a counterbalance. Earlier in the week, the United States expressed optimism that negotiations could bridge the gaps between the two parties, potentially averting further escalation in the region.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices experienced a boost in early trading on Thursday, driven by multiple factors including a decrease in US crude inventories, which suggests a tightening of supply. Brent crude futures for July delivery climbed 23 cents to reach $83.81 per barrel, while US West Texas Intermediate crude futures for June rose 29 cents to hit …<\/p>\n","protected":false},"author":9,"featured_media":93837,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,37,36],"tags":[11072,7156,10457,6944,8316,6859,7685],"class_list":["post-101038","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-forex-markets","category-market-updates","tag-american-oil-institute","tag-brent","tag-dxy-index","tag-eia","tag-japanese-yen","tag-oil-inventories","tag-wti-crude-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/101038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=101038"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/101038\/revisions"}],"predecessor-version":[{"id":101039,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/101038\/revisions\/101039"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/93837"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=101038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=101038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=101038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}