2024-02-08T05:32:53+00:00
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/ Oil prices rose during early Thursday trading after Israel rejected a proposal from the Palestinian Hamas movement for a ceasefire, while talks continue to try to end the conflict in Gaza and tensions in the Middle East in general that have cast a shadow over the market since October.
Signs of strong fuel demand in the United States also supported the market’s upward trend this week.
By 01:32 GMT, Brent crude futures were up 22 cents, or 0.28 percent, at $79.43 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 19 cents, or 0.26 percent, at $74.05 a barrel.
Israeli Prime Minister Benjamin Netanyahu has rejected Hamas’s latest proposal for a ceasefire and the release of hostages held in the Gaza Strip, but US Secretary of State Antony Blinken said there was still room to negotiate a deal.
On the demand side, data released on Wednesday showed a larger-than-expected drawdown in U.S. gasoline inventories, continuing to support the market.
The US Energy Information Administration said gasoline stocks fell by 3.15 million barrels last week, compared with analysts’ expectations for a 140,000-barrel rise.
ANZ Research said in a note that lower gasoline inventories and a 13% year-on-year rise in U.S. oil exports to a record 4.06 million barrels per day in 2023 “reflect stronger demand for crude.”