U.S. crude oil rebounds nearly 2% on Libya production disruptions, Iraq output cut
Publishing timestamp: 2024-08-29 13:49:38
Summary
U.S. crude oil futures rose nearly 2% on Thursday due to production disruptions in Libya and Iraq's plans to reduce output. Prices have been trading between $71 and $80 per barrel in August, with geopolitical tensions in the Middle East and weak demand in China impacting the market. Oil bulls should proceed with caution as OPEC+ may add more supply back to the market starting in October.
Sentiment: MIXED
Tickers: @CL.1, @LCO.1, @RB.1, @NG.1,
Keywords: business news, natural gas (mar'23), investment strategy, markets, oil and gas, wti crude (mar'23), ice brent crude (apr'23), rbob gas (mar'23), breaking news: markets,
Source: https://www.cnbc.com/2024/08/29/crude-oil-prices-today.html