Latest News

Oil up 3% on Gaza ceasefire rejection and US fuel stocks data

0

Oil up 3% on Gaza ceasefire rejection and US fuel stocks data By Reuters

Breaking News

‘;

Commodities

Published Feb 08, 2024 01:39
Updated Feb 08, 2024 20:26

© Reuters. FILE PHOTO: An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. Picture taken with a drone. REUTERS/Tatiana Meel/File Photo

By Nicole Jao

LONDON (Reuters) -Oil prices gained more than 3% on Thursday on concerns of a broadening conflict in the Middle East after Israel rejected a ceasefire offer from Hamas.

Brent futures closed up $2.42, or 3%, to $81.36 a barrel. U.S. West Texas Intermediate crude climbed $2.36, or 3.2%, to $76.22.

The Brent benchmark breached $80 a barrel and WTI rose above $75 a barrel for the first time in February.

Israeli forces bombed the southern border city of Rafah on Thursday after Prime Minister Benjamin Netanyahu rejected a proposal to end the war in the Palestinian enclave.

“The market is holding its breath on what the next potential fallout could be,” said John Kilduff, partner with Again Capital LLC. Attacks on shipping by Iranian-backed Houthi rebels continued to disrupt global oil trading, he added.

A Hamas delegation arrived in Cairo on Thursday for ceasefire talks with mediators Egypt and Qatar.

In the U.S., a stronger than expected drawdown in gasoline and middle-distillate stocks also buoyed the oil market.

The draw in fuel stocks, combined with a rise in crude stocks, was a sign of U.S. refinery maintenance, Varga said.

“Ongoing U.S. refinery maintenance, together with Europe being short on diesel, can help maintain the positive sentiment for now,” he added.

In Russia, damage to refineries from Ukraine’s drone attacks and technical outages led to more crude exports than planned in February, potentially undermining the country’s pledge to cut supplies under an OPEC+ pact, according to analysts.

Elsewhere, Norway’s Johan Sverdrup oilfield – the largest in the North Sea – will maintain steady production at a higher rate of 755,000 barrels per day (bpd) for the rest of this year, Aker BP (LON:BP) said. Its original planned capacity was 660,000 bpd.

Demand growth remains healthy in large oil-consuming nations, including India and the U.S., said Giovanni Staunovo, analyst at UBS.

U.S. jobless claims fell slightly more than expected last week, the Labor Department said on Thursday, pointing to underlying job market strength.

Oil up 3% on Gaza ceasefire rejection and US fuel stocks data

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information

© 2007-2024 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Did You Miss Palantir? Top Funds Bet This AI Peer Could Pop Next

Previous article

How To Use AI For Stock Trading: The Benefits And Leading AI Platforms

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News