Oil Prices Rise on US Trade Optimism and Decline in Crude Inventories
Optimism over US trade negotiations and a decline in US crude inventories contribute to an increase in oil prices.
Oil prices rose approximately 1 percent on Thursday, driven by growing optimism regarding US trade negotiations that could ease pressure on the global economy.
Additionally, there was a sharper-than-expected decline in US crude inventories.
Brent crude futures increased by 64 cents, or 0.9 percent, to $69.15 per barrel, while US West Texas Intermediate crude futures rose by 68 cents, or 1 percent, to $65.93 per barrel.
This positive movement was somewhat tempered by uncertainties surrounding US-China trade talks and peace negotiations between Ukraine and Russia.
Nonetheless, the data indicating a decline in US crude inventories suggests relatively strong demand for gasoline during the northern hemisphere summer.
Despite ongoing geopolitical tensions, particularly regarding Russian exports, oil prices managed to remain range-bound, with WTI expected to fluctuate between $60 and $70.
Additionally, there was a sharper-than-expected decline in US crude inventories.
Brent crude futures increased by 64 cents, or 0.9 percent, to $69.15 per barrel, while US West Texas Intermediate crude futures rose by 68 cents, or 1 percent, to $65.93 per barrel.
This positive movement was somewhat tempered by uncertainties surrounding US-China trade talks and peace negotiations between Ukraine and Russia.
Nonetheless, the data indicating a decline in US crude inventories suggests relatively strong demand for gasoline during the northern hemisphere summer.
Despite ongoing geopolitical tensions, particularly regarding Russian exports, oil prices managed to remain range-bound, with WTI expected to fluctuate between $60 and $70.
