Your current location is:{Current column} >>Text
Oil prices rise on US storm, fears of Israel
{Current column}9323People have watched
IntroductionSINGAPORE (Reuters) - Oil prices rose on Thursday underpinned by a spike in fuel demand as a major s ...
SINGAPORE (Reuters) - Oil prices rose on metatrader4 how to depositThursday underpinned by a spike in fuel demand as a major storm barrelled into Florida and concerns about potential supply disruptions in the Middle East amid heightened tensions between Israel and major oil producer Iran.
futures rose 24 cents, or 0.3%, to $76.82 a barrel, while the U.S. West Texas Intermediate (WTI) futures were up 28 cents, or 0.4%, at $73.52 a barrel at 0655 GMT.
The world's largest oil producer and consumer has been hit by a second major storm, Hurricane Milton, which made landfall on Florida's west coast, spawning tornadoes and threatening surges of seawater.
The storm has already driven up demand for gasoline in the state, with about a quarter of fuel stations selling out of supplies, which has helped to support crude prices.
Further underpinning prices, investors remained wary of escalating tensions between Israel and Iran, with Israeli Defence Minister Yoav Gallant promising an Israeli strike against Iran would be "lethal, precise and surprising".
U.S. President Joe Biden spoke with Israeli Prime Minister Benjamin Netanyahu about Israel's plans concerning Iran in a 30-minute call on Wednesday that the White House described as "direct and very productive".
Biden "continues to discourage Israel from targeting oil facilities, but there is growing concern that Israel's allies have little influence on its strategy," analysts at ANZ said in a note on Thursday.
Even with threats to the oil-producing Middle Eastern region top of mind, concerns about demand continue to underpin the fundamental outlook. The U.S. Energy Information Administration (EIA) on Tuesday downgraded its demand forecast for 2025 on weakening economic activity in China and North America.
EIA data on Wednesday showed crude inventories jumped by 5.8 million barrels to 422.7 million barrels last week. That was a bigger build than analysts polled by Reuters had expected, but much lower than estimated on Tuesday by the American Petroleum Institute industry group.
However, oil demand has grown this month, according to analysts at JPMorgan, helping to support prices.
"In the U.S., gasoline demand surged by 800 kbd week over week.. Across Asia, flight activity rebounded after being disrupted by multiple typhoons. In China, daily flight activity soared to an eight-week high," the analysts said in a note.
"With the majority of travel-related demand now behind us, the focus shifts to the impending weather-driven rise in demand in the coming weeks."
Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!
Tags:
Related articles
Australia retail sales level off in Feb as shoppers rein in spending By Reuters
{Current column}By Stella QiuSYDNEY (Reuters) - Australian retail sales levelled off in February after wild swings a ...
Read moreHalliburton profit nearly doubles as oil price surge boosts drilling activity By Reuters
{Current column}© Reuters. FILE PHOTO: Participants observe a presentation at Halliburton's booth at the World Petro ...
Read moreChina data to show sharp March deterioration as COVID bites, but solid first
{Current column}© Reuters. FILE PHOTO: Workers watch as a crane lifts a structure at a construction site in Shanghai ...
Read more
Popular Articles
- Instant View: Alibaba to split into six units By Reuters
- MoneyGram sued by U.S., New York for unfair remittance transfers By Reuters
- Russian central bank eyes rate cut, warns of structural changes to economy By Reuters
- Oil Down 5%; Commodities Roiled by IMF Growth Downgrade, China and Recession Scare By
- Fed 'pause' on rate hikes in doubt after strong US data By Reuters
- As Germany joins LNG import race, a long and crowded track awaits By Reuters
Latest articles
-
ISS advises Shell shareholders to vote against climate activist resolution By Reuters
-
IMF Slashes Growth Forecasts for 2022/23, Raises Inflation Outlook By
-
Japan flags yen's 'somewhat rapid' falls to G7 By Reuters
-
U.S. judge rules transport mask mandate unlawful, overturning Biden initiative By Reuters
-
US government may delay decision on electric vehicles biofuel program By Reuters
-
BOJ's Kuroda warns recent yen moves 'quite sharp', may hurt businesses By Reuters