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Brent rose above $77 per barrel

八月, 07 2024

Economic news

Oil prices continued to rise on Wednesday, following a slight increase in the previous session.

On the London ICE Futures exchange, October futures for Brent crude oil rose in price to the level of $77.25 per barrel. September WTI crude futures rose to $73.71 per barrel.

Traders continue to monitor the situation in the Middle East, anticipating a possible Iranian attack on Israel after the recent assassination of Hamas leader Ismail Haniyeh in Tehran.

«If the situation in the Middle East worsens and this affects oil supplies from the region, prices will quickly go up,» said Commerzbank analyst Carsten Fritsch.

Traders are also concerned about the prospects for oil demand due to signals of slowing economic growth in China and the United States. Statistics released on Wednesday showed a slowdown in Chinese growth in July amid a larger-than-expected increase in imports.

Also today, the U.S. Department of Energy will present a weekly report on energy reserves. According to the American Petroleum Institute, published yesterday, oil reserves in the United States increased by 180 thousand barrels.

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