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This was 57 cents more than the previous day. The price of a West Texas Intermediate (WTI) barrel for February delivery rose 69 cents to $73.39.
Concerns that the situation in the Middle East will escalate is currently the dominant theme in the oil market, causing prices to rise. The recent devastating explosions in Iran and the killing of a leader of the Islamist Hamas in Lebanon have further increased tension in the oil-rich region.
Oil prices rose nearly three dollars per barrel on Wednesday. Attacks on commercial ships in the Red Sea have caused oil prices to increase several times before.
Concerns about the decline in oil shipments from Libya also supported oil market prices. One of the largest oil fields in a member country of the OPEC oil cartel was recently closed.
As the day progresses, investors’ attention will also turn to the development of oil reserves in the USA. The previous evening, it was announced that the American Petroleum Institute (API) recorded a decrease of 7.4 million barrels in crude oil stocks last week.
Official inventory data from the US government is expected to be released later today. The decline in reserves in the world’s largest economy generally supports oil prices. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
