Oil prices steady amid Middle East tensions, US inventory build
Investing.com-- Oil prices steadied near five-month highs in Asian trade on Thursday as an Israeli strike in Gaza undermined recent reports of ceasefire talks with Hamas, while data showed U.S. crude inventories grew substantially more than expected.M.East tensions support oil prices after Israeli strike
News of the talks, which began earlier this week in Egypt, had sparked some losses in oil prices with the prospect of a ceasefire agreement. But later reports showed continued disagreements between the two parties, diminishing the prospect of a deal. Worsening geopolitical conditions in the region were a major boost to oil prices in recent weeks, pushing them to five-month highs on the prospect of more disruptions in crude supplies from the region.
Demand in the world’s biggest fuel consumer may also cool in the coming months, especially amid pressure from sticky inflation and higher-for-longer U.S. interest rates.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.
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