Closed prices Oil In yesterday’s weekend trade, Friday, there was an increase and weekly gains of more than 3.5%, with an increase in Israeli aggression against Gaza Strip Tensions continue in the oil-rich Middle East region, while positive economic data and signals from policymakers in the Council are supporting crude prices. Federal Reserve (US Central Bank) that they could reduce Interest rates Next September.
Future raw rose Brent 50 cents to $79.66 a barrel in settlement, while US West Texas Intermediate crude futures increased 65 cents to $76.84 a barrel.
Brent crude gained more than 3.5% during the week, while West Texas Intermediate crude rose more than 4%.
Three Federal Reserve policymakers indicated Thursday that they have become more confident that inflation is falling enough to allow interest rates to drop.
Meanwhile, data showed that the number of Americans filing new claims for unemployment benefits fell more than expected last week; Showing that the fears of a weak labor market were exaggerated and this in turn caused the fear of recession to decrease.
Prices were also supported by China’s Consumer Price Index, as Bureau of Statistics data showed it rose last month at a slightly faster rate than expected.
Israeli occupation forces increased their air and artillery strikes on the Gaza Strip at dawn today and the previous two days, resulting in dozens of deaths and injuries.
Houthi terrorists along with Iran continued their attacks on cargo ships bound for Israel near Yemen in aid of the people of Gaza, who have been under continuous attack for more than 10 months.
The leaders of the United States, Egypt and Qatar on Thursday called on Israel and Hamas to meet for talks on August 15 to end a cease-fire agreement
The conflict between Russia and Ukraine also continued, as Moscow moved additional tanks, artillery and missile systems to the southern Kursk region yesterday, Friday, in an attempt to stop a surprise attack by Ukrainian forces.
Meanwhile, the dollar index, which measures the currency against 6 other currencies, fell 0.136% to 103.14 after 3 days of gains. The weak dollar boosts demand for crude as oil prices fall for foreign buyers.
Crude oil prices were also supported by the National Oil Corporation in Libya declaring a state of force majeure in the Sharara oil field starting last Wednesday, and saying that the production of the field has been gradually reduced due to protests.
2024-08-10 10:36:19
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