{"id":12307,"date":"2024-10-31T10:35:39","date_gmt":"2024-10-31T10:35:39","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=12307"},"modified":"2024-10-31T10:35:39","modified_gmt":"2024-10-31T10:35:39","slug":"brent-crude-oil-prices-rose-to-72-66-cents","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/12307\/","title":{"rendered":"Brent crude oil prices rose to $ 72, 66 cents"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0 Oil<\/span> prices edged up on Thursday, extending the previous day’s rally, driven by optimism over U.S. fuel demand following an unexpected drop in crude and gasoline inventories, while reports that OPEC+ may delay a planned output increase offered support.<\/p>\n

Brent<\/span> crude<\/span> futures gained 11 cents, or 0.15%, to $72.66 a barrel by 0805 GMT. U.S. West Texas Intermediate crude futures climbed 13 cents, or 0.19%, to $68.74 per barrel.<\/div>\n
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Both<\/span> contracts rose more than 2% on Wednesday, after falling more than 6% earlier in the week on the reduced risk of a wider Middle East conflict.<\/div>\n
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U.S.<\/span> gasoline stockpiles fell unexpectedly in the week ending Oct. 25 to a two-year low on strengthened demand, the Energy Information Administration said, while crude inventories also posted a surprise drawdown as imports slipped.<\/div>\n
Nine<\/span> analysts polled by Reuters had expected an increase in gasoline and crude inventories.<\/div>\n
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“<\/span>The surprise decline in U.S. gasoline stockpiles provided a buying opportunity as demand appeared stronger than anticipated,” said Toshitaka Tazawa, an analyst at Fujitomi Securities.<\/div>\n
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“<\/span>Expectations of a potential delay in the OPEC+ production increase were also supportive… If they do delay, WTI could recover to the $70 level,” he said.<\/div>\n
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Reuters<\/span> reported OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies such as Russia, could delay a planned oil production increase in December by a month or more because of concern over soft oil demand and rising supply.<\/div>\n
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The<\/span> group<\/span> is scheduled to raise output by 180,000 barrels per day (bpd) in December. It had already delayed the increase from October because of falling prices.<\/div>\n
A<\/span> decision to postpone the increase could come as early as next week, two OPEC+ sources told Reuters.<\/div>\n
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OPEC<\/span>+ is scheduled to meet on Dec. 1 to decide its next policy steps.<\/div>\n
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Manufacturing<\/span> activity in China, the world’s biggest oil importer, expanded in October for the first time in six months, suggesting that stimulus measures are having an effect.<\/div>\n
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Markets<\/span> are<\/span> awaiting the results of the U.S. presidential election on Nov. 5 as well as further details of China’s economic stimulus. Reuters reported that China could approve the issuance of over 10 trillion yuan ($1.4 trillion) in debt over the next few years on the last day of its Nov. 4-8 parliamentary meeting.<\/div>\n
In<\/span> the Middle East, Lebanon’s prime minister expressed hope on Wednesday that a ceasefire deal with Israel would be announced within days as Israel’s public broadcaster published what it said was a draft agreement providing for an initial 60-day truce.<\/div>\n
The<\/span> push for a ceasefire for Lebanon is taking place alongside a similar diplomatic drive to end hostilities in Gaza.<\/div>\n
But<\/span> the market impact is likely to be muted.<\/div>\n
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“<\/span>Most of the Middle East geopolitical risk was stripped out of the oil price after Israel’s response to Iran over the weekend,” IG market analyst Tony Sycamore said.<\/div>\n
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Iran<\/span> said that Israeli strikes on Saturday, in retaliation for Iran’s Oct. 1 attack on Israel, caused only limited damage.<\/div>\n
Updated on