Oil prices rebounded after a two-day decline, supported by renewed geopolitical tensions in the Middle East despite bearish data on Chinese demand and US inventories.
Crude oil prices snapped a two-day losing streak on Wednesday that extended into today’s session in Asian midmorning trade supported by growing worry about the state of international affairs in the Middle East . After dipping below $80 per barrel earlier in the week, Brent crude had earlier today recovered to over $80, with West Texas Intermediate at over $77 per barrel. At the time of writing, the international benchmark was hovering around $80 per barrel.
“It only reinforces the demand concerns that have been lingering in the market for a while, and with China expected to make up almost 60% of global demand growth this year, these worries are unlikely to disappear anytime soon.” At the same time, however, prices received support from renewed hopes of a rate cut in the U.S. down the road before the end of the year. The hopes came after the release of consumer inflation data, which showed prices inched up modestly in July.
Middle East Geopolitics Iran Israel Inventory Build China Demand Concerns Rate Cut Inflation
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