2024-07-31 21:00:40
Hours after the killing of Ismail Haniyeh, head of the political bureau of Hamas in Iran, and amid tensions in the Middle East, oil futures jumped more than 2 percent during trading on Wednesday from their lowest levels in seven weeks.
Brent crude futures rose $1.53, or 1.95 percent, to $80.16 a barrel by 0653 GMT ahead of their expiration on Wednesday, while the more active October contract was up $1.52 at $79.59.
U.S. West Texas Intermediate (WTI) crude futures rose $1.55 a barrel, or 2.07 percent, to $76.28 a barrel, while Brent and WTI both fell about 1.4 percent on Tuesday, closing at their lowest levels in seven weeks.
According to economists, “Brent and West Texas Intermediate crude are on track to record their biggest monthly loss in July since 2023.”
According to Sky News, Tony Sycamore, an analyst at IG, said in a note that oil prices fell due to ongoing concerns about the outlook for demand in China, continued optimism about a ceasefire in Gaza and the exclusion of OPEC+ from its current plan to start easing cuts from October, when it meets this week.
The slowdown in fuel demand in China, the world’s largest importer of crude oil and the biggest contributor to global demand growth, is affecting oil markets.
Last updated: July 31, 2024 – 10:31
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2024-07-31 21:00:40