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Home Business & Finance

Middle East Tension Boost Oil Price

Nnaemeka OkwarabyNnaemeka Okwara
August 8, 2024
in Business & Finance
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Middle East Tension Boost Oil Price
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Oil prices surged for a third consecutive session on Thursday driven by a tightening US crude inventory and fears of potential Middle Eastern supply disruptions.

Brent crude futures were up by 23 cents, or 0.3% at $78.56 a barrel while US West Texas Intermediate climbed by 29 cents or 0.4% to $75.52 a barrel.

Increased fuel demand has resulted in notable declines, exceeding expectations, with US crude oil stocks decreasing by a whopping 3.7 million barrels to conclude at 429 million barrels. This marks the sixth consecutive week of declining inventories.

According to the US Energy Information Administration, weekly production reached record highs of 13.4 million barrels per day (bpd) for the week ending August 2nd.

However, there continue to be market doubts about possible supply breakdowns within the region. Recent attacks on ships in the Red Sea have resulted to longer transport routes used by tankers, thereby increasing the duration taken for oil transportation.

These factors have contributed to increased oil prices that had previously come down to multi-month lows due to concerns about a potential US recession and slowdown in global economic growth.

The movement patterns in today’s market highlights the constant fluctuation of oil prices as driven by forces of supply and demand, international relations crises, and economic trends.

Tags: federal characterMiddle EastMiddle East Tension Boost Oil PriceNigeriaoilpriceTension
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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