Businessicy – On Wednesday Aug 7, U.S. crude oil futures experienced a significant rebound from a six-month low due to a notable decline in crude oil prices and persistently high tensions in the Middle East. According to the Energy Information Administration, crude oil inventories in the U.S. decreased by 3.7 million barrels over the past week, whereas gasoline inventories saw an increase of 1.3 million barrels during the same period.
Here are the closing energy prices, as reported by CNBC on Thursday (August 8, 2024):
September Contract: $75.23 per barrel, up $2.03, or 2.77%. Year-to-date, U.S. crude oil has risen by approximately 5%.
October Contract: $78.33 per barrel, up $1.85, or 2.42%. Since the beginning of the year, this global benchmark has increased by about 1.67%.
September Contract: $2.35 per gallon, up nearly 3 cents, or 1.34%. Gasoline prices have risen 12% year-to-date.
September Contract: $2.11 per thousand cubic feet, up 10 cents, or 5.07%. Natural gas prices have decreased by around 16% since the start of the year.
While recession fears have pressured the oil market, rising geopolitical tensions in the Middle East and ongoing production cuts by OPEC+ have provided strong support for prices, leading to the recent price increase.
Goldman Sachs’ report this week suggests that Brent crude is expected to hold a floor at $75 per barrel, supported by limited recession risks and strong oil demand in the West and robust demand in India. Israel is preparing for a potential attack from Iran following the assassination of Hamas leader Ismail Haniyeh in Tehran last week. This has escalated regional instability. White House officials have informed The Washington Post that Iran may be reconsidering a large-scale attack on Israel amid diplomatic pressure and the deployment of U.S. military assets to the region.
“The Complete Information From Wikipedia About Price of Oil”
