Oil poised for first monthly gain since September as Middle East on brink of wider conflict
Publishing timestamp: 2024-01-31 12:36:29
Summary
Oil prices are on track for their first monthly gain since September due to stronger than expected U.S. growth, disruptions to crude supplies in the U.S. caused by winter storms, and Beijing's efforts to stimulate its economy. However, prices fell after China's factory activity contracted for the fourth consecutive month. Geopolitical tensions between the U.S. and Iran in the Middle East are also a concern for crude supplies. The response in oil markets to these tensions has been muted so far, but analysts warn that a direct confrontation could lead to higher oil prices.
Sentiment: MIXED
Keywords: energy, wti crude (mar'23), business news, united states, ice brent crude (apr'23), iran, government and politics,
Source: https://www.cnbc.com/2024/01/31/crude-oil-prices-today.html