Oil prices rise despite stubborn U.S. inflation
Publishing timestamp: 2024-02-13 12:22:04
Summary
Oil futures rose despite inflation in the US, with the West Texas Intermediate contract trading at $77.93 per barrel and the Brent contract trading at $82.83 per barrel. The market is no longer expecting the Federal Reserve to lower interest rates in May. Oil prices have been influenced by the war in Gaza, but uncertainty remains due to the Middle East conflict and supply and demand outlook. OPEC expects a tight crude market this year, but the head of the International Energy Agency believes oil markets should remain "comfortable" unless there is more geopolitical turmoil or extreme weather. The article also mentions the conflict in the Middle East and its potential impact on oil supplies.
Sentiment: MIXED
Keywords: israel, benjamin netanyahu, breaking news: markets, business news, ice brent crude (apr'23), markets, united states, investment strategy, william j. burns, oil and gas, gaza, wti crude (mar'23),
Source: https://www.cnbc.com/2024/02/13/crude-oil-prices-today.html