2024-02-13 10:15:43
Oil prices rose slightly in Asian trade today on concerns that tensions in the Middle East could hurt supply. Uncertainty about the pace of a potential rate cut in the US and the resulting impact on fuel demand limited the rise in prices, Reuters reported, citing BTA.
North Sea Brent futures, Europe’s benchmark, rose 7 cents, or 0.1 percent, to $82.07 a barrel.
U.S. light crude was trading 10 cents higher than yesterday at $77.02 a barrel.
Oil prices were little changed in trading on Monday after rising 6 percent last week. Tensions related to the conflict in the Middle East are keeping prices high.
Yemen’s Houthi rebels fired two missiles at an Iran-bound cargo ship in the Red Sea yesterday. The Houthis have been attacking ships linked to the US, Britain and Israel since mid-November in a show of solidarity with the Palestinians in the war between Israel and the Hamas group.
Interest rate concerns, however, limited gains in black gold prices. The Federal Reserve Bank of New York said, citing data from its January survey of consumer expectations, that the outlook for inflation one year ahead and five years ahead were unchanged, with both measures remaining above the 2 percent target .
The release of the latest US Consumer Price Index (CPI) data for January is expected later today.