Oil prices rose 1% on Thursday amid Middle East tensions and a big fall in U.S. ...
LONDON - Oil prices rose 1% on Thursday amid Middle East tensions and a big fall in U.S. crude stocks, but gains were capped as weak manufacturing data in Western nations indicated slowing economic growth that could reduce fuel demand.
U.S. West Texas Intermediate crude CLc1 was up 51 cents, or 0.9%, at $56.39 a barrel, having dropped 1.6% the previous session. In a sign of the supply-demand balance, Brent LCOc1-LCOc2 briefly dipped into contango on Wednesday for the first time since March. Contango is a market structure in which prices for forward deliveries are higher than for prompt ones.
“Despite the bullish supply-side fundamentals and geopolitics that support oil prices, it seems that the market needs a positive economic catalyst to move appreciably higher,” said Harry Tchilinguirian, global oil strategist at BNP. The German PMI, tracking the manufacturing and services sectors, hit a seven-year low in July, suggesting a deteriorating growth outlook for Europe’s largest economy. The fall was driven by the auto sector on poor sales to China.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Oil edges up on U.S. stocks fall, Mideast tensions, trade talk signsOil prices nudged higher on Wednesday on rising tensions over Iran, a sharp fall...
Leer más »
Mexico government accuses oil workers union boss of corruption: reportProsecutors have accused the leader of the Mexican oil workers union, Carlos Rom...
Leer más »
Oil edges higher on U.S. inventory decline, escalating Mideast tensionsOil prices edged higher on Wednesday, extending gains as rising tensions with Ir...
Leer más »
This Woman Is Putting Her 17 Kids Through School Thanks to a Face OilMoringa is so much more than the source of a trendy beautifying oil. For the people of northern Uganda, this sustainable resource represents the future.
Leer más »
https://www.foodandwine.comFood & Wine goes way beyond mere eating and drinking. We&039;re on a mission to find the most exciting places, new experiences, emerging trends and sensations.
Leer más »