SHAFAQNA- Oil prices rose on Friday (05 Jan. 2024) on strong demand signals from the USA, accompanied by a decline in crude oil inventories. In addition, minutes from the Federal Reserve indicated the possibility of interest rate cuts in 2024. At the same time, concerns over the escalation of the Israeli-Palestinian conflict, which could lead to a wider conflict in the Middle East, added to market anxiety.
International benchmark Brent crude remained at $78 per barrel as of 10:23 a.m. local time (07:23 GMT), up 0.52% from Thursday’s closing price of $77.59 per barrel.
The West Texas Intermediate (WTI) benchmark from the United States maintained a price of $72.69 per barrel, which was an increase of 0.69% from the previous day’s closing price of $72.19 per barrel.
Source: aa