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Noha Makram – Live Oil prices rose amid ongoing tensions in the Middle East and a weak dollar ahead of key US inflation data.
Brent crude rose towards $78 a barrel, paring some of yesterday’s losses of 1% on the unexpected rise in US inventories. While West Texas Intermediate crude oil prices rose to $72 per barrel.
In the Middle East, Bloomberg noted that tensions continue to escalate as the United States and its allies explore options for retaliation to the Houthi attacks on ships in the Red Sea, which led to a reduction in the number of tankers carrying crude oil and products through the Red Sea transport Bab al-Mandab Strait by about a third.
Oil prices have found it difficult to determine their direction so far this year, fluctuating between daily gains and losses as traders try to gauge expectations.
The market will remain relatively balanced in 2024, with demand growth struggling to gain momentum due to new supplies from outside OPEC, Vitol Group said.
Another factor supporting oil and other commodities such as copper is the weakness of the dollar, which makes purchasing goods in the green currency cheaper.
Markets await the release of inflation data later today, looking for evidence showing the pace of the decline in inflation and its impact on monetary policy. This will help investors gauge the possible timing of when the Federal Reserve will begin cutting interest rates this year.
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Nominations:
Oil prices fell at the end of Wednesday trading
Reuters: OPEC oil production rose in December
Oil prices rise due to a decline in US crude oil inventories and Houthi attacks
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