empty

2024.01.0409:02:00UTC+00Oil Extends Gains On Supply Concerns

Oil prices rose over 1 percent on Thursday to extend the previous session's rally on continued concerns over supply from the Middle East.

Benchmark Brent crude futures rose a little over 1 percent to $79.07 a barrel, while WTI crude futures were up 1.3 percent at $73.63.

Both contracts jumped around 3 percent on Wednesday as a series of brazen attacks in the Red Sea and North Arabian Sea by Yemen's Houthi rebels against merchant shipping and U.S. Navy warships posed a serious threat to global supply chains.

The Yemen-based militants have carried out at least 23 attacks in response to the Israel-Hamas war in Gaza since December 19, forcing shipping companies to avoid the vital trade route.

Blasts in Iran that killed at least 103 fanned fears of the war between Israel and Hamas spreading further.

In another development, protests over high fuel prices caused Libya's El Sahara oil field to halt production, adding to fears over supply disruptions. The field produces about 300,000 barrels per day.

Official inventory data from the Energy Information Administration is due later in the day. The report is delayed by a day due to Monday's New Year's holiday.

Data from the American Petroleum Institute showed on Wednesday that U.S. crude stocks fell by a bigger-than-expected 7.4 million barrels for the week ending December 29.



Can't speak right now?
Ask your question in the chat.
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.

We are sorry for any inconvenience caused by this message.