OPEC reduced 2024 demand growth forecast from 2 million bpd to 1.9 million bpd.
Oil traders are waiting for additional catalysts.
Brent & WTI oil prices rise 1% as hurricane damage disrupts U.S. fuel supply, while Middle East tensions keep traders on edge.
Recent reports indicate that Israel may soon make a final decision on how it would respond to the recent attack from Iran.
The conflict in the Middle East did not lead to supply disruptions.
Short-covering may have played a significant role in the rally.
Oil traders decided to take some profits off the table ahead of the weekend.
WTI crude oil prices in the U.S. rose over 5%, marking the third consecutive day of gains, fueled by ongoing tensions in the Middle East. This week, WTI oil has increased by more than 8%.
Oil prices rallied as traders focused on the comments of President Biden.
U.S. WTI crude oil prices climbed 0.39%, as Israel vowed a "painful" retaliation to Iran's missile attack, lending support to oil prices. However, the rise was tempered by an increase in U.S. crude oil inventories.
Oil moved away from session highs amid demand worries.
Oil prices have already pulled back from session highs as traders evaluated the consequences of the attack.