Oil set for modest weekly gain as US data offsets supply risks - News Summed Up

Oil set for modest weekly gain as US data offsets supply risks


Oil was steady Friday — but headed for a modest weekly gain — as the market weighed signs of weakening US demand against tensions in the Middle East and North Africa. Share Market Live NSEWest Texas Intermediate traded above $72 a barrel after declining 0.7% Thursday, when Brent crude closed below $78. American gasoline inventories swelled the most in three decades and implied demand dropped to the lowest in a year, official data showed. The gloomy picture in the US countered rising tensions in the Middle East and North Africa that had buoyed prices earlier in the week. The Islamic State claimed responsibility for the blast, which Tehran had earlier said was aimed at punishing its stance against Israel.


Source: The North Africa Journal January 06, 2024 01:52 UTC



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