Oil prices rose in early Asian trade on Thursday on concerns about potential supply disruptions in the Middle East, with Israel planning to strike oil-producer Iran, and on spikes in fuel demand as a major storm barreled into Florida.
Oil rose in early Asian trade. Prices remain supported by rising Middle East tensions.
Inventories rose for a second consecutive week as production picked up and refineries reduced their capacity use, the EIA said.
The crude oil market has fallen significantly over the last day or two, as the market will continue to see a lot of questions asked about the global demand picture, as well as the geopolitics, which is always an important thing to keep in the back of your mind.
Kazakhstan's biggest oil field Tengiz, operated by U.S. major Chevron , boosted output to a record high in October, sources told Reuters, potentially complicating the country's future efforts to comply with its OPEC+ quota.
On Tuesday, the US stock market rallied after a plunge of more than 1% the previous day. The S&P 500 index rose by 0.97%, fueled by the "Magnificent 7" group led by AI giant Nvidia (NVDA, Financial, which surged 4%, reflecting broader optimism in the technology sector.
Tom Kloza, OPIS global head of energy analysis, joins 'Squawk Box' to discuss the state of the oil market, what of the recent fluctuations in oil prices, market outlook, and more.
Goldman Sachs sees global benchmark Brent jumping as much as $20 if an Israeli strike disrupts Iranian crude oil production.
Oil futures were lower Wednesday morning ahead of official data on U.S. inventories, extending a sharp pullback seen the previous session on prospects for a cease-fire between Israel and Hezbollah.
Crude oil futures dip as U.S. inventories surge 11M barrels, overshadowing Middle East risks and testing key $73.28 support level.
Global oil supplies face the highest risk in decades amid conflicts involving key producers Iran and Russia, said veteran commodities analyst Jeff Currie. If Israel strikes Iranian oil facilities it could both disrupt exports and provoke regional retaliation by Tehran, he said.
EIA lowers 2024 oil demand forecast due to weak U.S. and China growth. Geopolitical tensions and price volatility remain key concerns for energy markets.