{"id":11140,"date":"2024-06-27T10:03:39","date_gmt":"2024-06-27T10:03:39","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=11140"},"modified":"2024-06-27T10:03:39","modified_gmt":"2024-06-27T10:03:39","slug":"oil-steady-as-us-demand-flags-but-middle-east-risk-mounts","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/11140\/","title":{"rendered":"Oil steady as US demand flags but Middle East risk mounts"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Oil prices were largely steady on Thursday as a surprise build in U.S. stockpiles fuelled fears about slow demand from the world’s top oil consumer and countered supply concerns stoked by escalating conflict in the Middle East.<\/p>\n

Brent crude oil futures were up 43 cents, or 0.5%, at $85.68 a barrel by 0850 GMT. U.S. West Texas Intermediate crude futures rose 42 cents, or 0.5%, to $81.32.<\/p>\n

Both benchmarks had settled slightly higher on Wednesday.<\/p>\n

The U.S. Energy Information Administration (EIA) reported a 3.6 million barrel jump in the country’s crude oil stocks last week. Analysts polled by Reuters had expected a drawdown of 2.9 million barrels.<\/div>\n
U.S. gasoline stocks also rose, increasing by 2.7 million barrels. That compared with analyst expectations for a 1 million barrel draw.<\/div>\n

“The actual readings were nothing short of disappointing for bulls that look for a continued (market) tightening brought about by seasonal demand,” said PVM Oil analyst John Evans.<\/p>\n

“If it were not for the steady and incremental ratcheting up of geopolitical risk in the Middle East, oil prices might have found themselves on the back end of a much more negative day.”<\/p>\n

Worries over the potential for the the Israel-Hamas war in Gaza spreading to Lebanon limited price declines.<\/p>\n

Cross-border strains between Israel and Lebanon’s Hezbollah have been escalating in recent weeks, stoking fears of a war that could draw in other regional powers, including major oil producer Iran.<\/div>\n
Turkish President Tayyip Erdogan said his country stood in solidarity with Lebanon and called on the region’s countries to show their support.<\/div>\n
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Israeli forces pounded several areas across Gaza on Wednesday and residents reported fierce fighting overnight in Rafah in the south of the Palestinian enclave.<\/div>\n
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