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Crude oil futures rose for a third straight session on Thursday, supported by ongoing tensions in the Middle East, Israel bracing for an expected attack from Iran and reports this week of a sixth consecutive draw in U.S. crude inventories.
A halt in crude production from Libya’s largest oil field helped support gains, while a sudden cross-border attack by Ukrainian forces on Russia increased geopolitical risks.
According to Bloomberg, Dennis Kissler of BOK Financial said that “the recovery in the stock market has also alleviated some concerns about a demand recession,” while expectations of retaliation in the Middle East have raised geopolitical concerns about tight supplies.
Stocks rose on Thursday after data showed the number of people filing for unemployment benefits in the United States fell more than expected last week, suggesting concerns about a worsening labor market were exaggerated.
According to Reuters, UBS analyst Giovanni Staunovo said: “The latest U.S. jobless claims data show that the U.S. economy is still growing, which has alleviated demand for oil to a certain extent. worries.
Top futures benchmark gains for third straight session as front-month Nymex crude oil (CL1:COM) for September delivery settles +1.3% Brent crude oil prices rose to $76.19/barrel in October +1% to US$79.16/barrel.
Front month Nymex Natural Gas (NG1:COM) for September delivery has ended +0.7% to $2.127/MMBtu, also rising for the third consecutive day.
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“The oil market’s ability to remain firm, little changed from Friday, is evidence of an improvement in the U.S. crude balance, with inventories down by about 31 million barrels over the past six weeks, a steeper decline than the five-year average draw of about 13 barrels. big.
