2024-01-11T04:29:46+00:00
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/ Oil prices recorded an increase in Asian trading on Thursday, with markets assessing the escalating tensions in the Middle East in exchange for the sudden increase in US crude inventories that pushed oil prices down by about 80 cents in the previous session.
US West Texas Intermediate crude futures rose 20 cents, or 0.28 percent, to $71.57 a barrel by 0202 GMT. Brent crude futures also increased 21 cents, or 0.27 percent, to $77.01 per barrel.
The Energy Information Administration said yesterday, Wednesday, that US crude inventories rose by 1.3 million barrels in the week ending January 5 to 432.4 million barrels, compared to analysts’ expectations of a decrease of 700 thousand barrels.
On Wednesday, the Houthis in Yemen launched their largest attack so far on commercial shipping lines in the Red Sea.
The United States and Britain indicated that they would take further measures if the attacks continued. The United Nations Security Council issued a resolution demanding an immediate end to the strikes.
The intensity of Israeli strikes on the southern and central Gaza Strip also increased yesterday, Wednesday.
The Chinese Customs Administration is scheduled to release December trade data tomorrow, Friday, which will provide a picture of overall demand for the full year in the world’s largest oil buyer.