empty
 
 

2024.01.0409:02:00UTC+00Oil Extends Gains On Supply Concerns

Oil prices rose over 1 percent on Thursday to extend the previous session's rally on continued concerns over supply from the Middle East.

Benchmark Brent crude futures rose a little over 1 percent to $79.07 a barrel, while WTI crude futures were up 1.3 percent at $73.63.

Both contracts jumped around 3 percent on Wednesday as a series of brazen attacks in the Red Sea and North Arabian Sea by Yemen's Houthi rebels against merchant shipping and U.S. Navy warships posed a serious threat to global supply chains.

The Yemen-based militants have carried out at least 23 attacks in response to the Israel-Hamas war in Gaza since December 19, forcing shipping companies to avoid the vital trade route.

Blasts in Iran that killed at least 103 fanned fears of the war between Israel and Hamas spreading further.

In another development, protests over high fuel prices caused Libya's El Sahara oil field to halt production, adding to fears over supply disruptions. The field produces about 300,000 barrels per day.

Official inventory data from the Energy Information Administration is due later in the day. The report is delayed by a day due to Monday's New Year's holiday.

Data from the American Petroleum Institute showed on Wednesday that U.S. crude stocks fell by a bigger-than-expected 7.4 million barrels for the week ending December 29.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback