2024-05-10 08:41:55
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May 10, 2024
12:41 p.m.
Oil rises on strong Chinese data and Gaza crisis
Oil prices rose on Friday, continuing their upward trend, thanks to signs of improvement in the Chinese economy and the failure to reach a deal in negotiations to stop the fighting in the Strip. Gaza.
Brent crude futures rose 37 cents, or 0.4 percent, to $84.24 a barrel, while U.S. West Texas Intermediate crude rose 41 cents, or 0.5 percent, at $79.64.
In the previous session, oil prices rose to their highest level in a week on data showing an increase in crude oil imports into China in April and investors seeing the slowdown in the US labor market as an indication of a possible reduction in interest rates.
Chinese exports and imports returned to growth in April following contracting the previous month, indicating improving demand.
“Continuing signs of strong demand in China should see continued good support for the commodities market,” ANZ Research said in a note.
Mary Daly, president of the Federal Reserve Bank of San Francisco, said Thursday that there is great uncertainty in the United States regarding the direction of inflation in the coming months, but she expressed confidence as price pressures continue to ease.
Daly did not say whether she thought the U.S. Federal Reserve might cut interest rates this year. Financial markets expect the US Central Bank to begin a cycle of monetary easing in September.
Palestinian residents said Israeli forces shelled areas of Rafah on Thursday, while Israeli Prime Minister Benjamin Netanyahu rejected US President Joe Biden’s threat to withdraw weapons from Israel if Israel attacked the southern Gaza city .
A senior Israeli official said Thursday evening that the latest round of indirect negotiations in Cairo aimed at stopping hostilities in Gaza had ended and that Israel would continue its operations in Rafah and other parts of the Gaza Strip as planned. (Reuters)
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