Oil futures rebounded more than $1 barrel

Home Business Oil futures rebounded more than $1 barrel 31-07-2024 10:44 AM Ammon News - Oil futures rebounded more than $1 a barrel from 7-week lows on Wednesday after the assassination of Hamas leader Ismail Haniyeh in Iran ratcheted up tensions in the Middle East, but prices stayed under pressure from concerns about weak China demand. Brent crude futures climbed $1.39, or 1.8%, to $80.02 a barrel by 0625 GMT ahead of expiry on Wednesday, while the more active October contract was at $79.41, up $1.34. U.S. West Texas Intermediate crude futures rose $1.38, or 1.9%, to $76.11 a barrel. Both Brent and WTI fell about 1.4% on Tuesday, closing at their lowest levels in seven weeks. In the United States, crude, gasoline and distillate inventories fell last week, according to market sources citing American Petroleum Institute figures on Tuesday. Data from the Energy Information Administration is due at 10:30 a.m. EDT (1430 GMT) on Wednesday. Ten analysts polled by Reuters estimated that crude inventories on average fell by 1.1 million barrels in the week to July 26. Reuters

Home Business

Oil futures rebounded more than $1 barrel

31-07-2024 10:44 AM

Ammon News - Oil futures rebounded more than $1 a barrel from 7-week lows on Wednesday after the assassination of Hamas leader Ismail Haniyeh in Iran ratcheted up tensions in the Middle East, but prices stayed under pressure from concerns about weak China demand.

Brent crude futures climbed $1.39, or 1.8%, to $80.02 a barrel by 0625 GMT ahead of expiry on Wednesday, while the more active October contract was at $79.41, up $1.34.

U.S. West Texas Intermediate crude futures rose $1.38, or 1.9%, to $76.11 a barrel. Both Brent and WTI fell about 1.4% on Tuesday, closing at their lowest levels in seven weeks.

In the United States, crude, gasoline and distillate inventories fell last week, according to market sources citing American Petroleum Institute figures on Tuesday.

Data from the Energy Information Administration is due at 10:30 a.m. EDT (1430 GMT) on Wednesday.

Ten analysts polled by Reuters estimated that crude inventories on average fell by 1.1 million barrels in the week to July 26.

Reuters

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