Apr 28, 2024 (MENAFN via COMTEX) --
(MENAFN) Last week, oil prices witnessed a modest uptick, buoyed by ongoing geopolitical tensions in the Middle East. However, the gains were tempered by a strengthening US dollar and inflation data from the United States, which placed downward pressure on prices.
Brent crude futures saw a 2.53 percent increase, reaching USD89.50 per barrel, while US West Texas Intermediate crude futures rose by 1.98 percent, reaching USD83.85 per barrel. The rise in oil prices was attributed in part to concerns about supply disruptions amidst the persistent tensions in the Middle East.
Israeli Prime Minister Benjamin Netanyahu's statement regarding the potential impact of rulings from the International Criminal Court underscored the heightened geopolitical tensions in the region. Additionally, reports of Israeli airstrikes in the Western Bekaa Valley of Lebanon further contributed to the atmosphere of uncertainty.
However, macroeconomic factors, particularly inflation data from the United States, exerted a limiting influence on oil price gains. Inflation in the US rose to 2.7 percent year-on-year through March, up from 2.5 percent in February. This uptick in inflation raised concerns about the potential implications for monetary policy and overall economic stability, prompting market participants to exercise caution.
Against this backdrop of geopolitical tensions and macroeconomic considerations, oil markets remained relatively volatile, with price movements reflecting a delicate balance between supply concerns and broader economic indicators.
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COMTEX_451558972/2604/2024-04-28T12:08:30
