Oil rebounds on signs of strong us demand

New York -Oil Prisis Rose Nearly 1% on Wednsday, Recovering from a Sharp Slide Early This Week, as Data Showed Relatively Strong Us Demand, and as Investors Assessed The Stability of A CEASEFIEN IRAN and Israel.

Brent Crude Futures Settled 54 Kents Higher, OR 0.8%, At $ 67.68 A Barrel, While Us West Texas Intermediate Crude Settled UP 55 CENTS, or 0.85%, at $ 92, at $ 92, booting SOME OF A The 13% Losses made earrlier in the week.

After Us President Donald Trump Announced The Ceasefire on Tuesday, Brent Settled At Its Lowest Since June 10 and WTI Ended as Lowest Since June 5 on the Reduced Middle East Suply RCPLY RCE.

Oil prices Had Rallied after June 13, when israel launched a surprise attack on Key Iranian Military and Nuclear Facilites. Pris Hit Five-Month Highs after the US Attacked Iran’s Nuclear Facilites Over the Weekend.

“While Concerns Regarding Middle Eastern Supply Have Diminished for Now, they have not entertained disapperared, and there Remains a Strongeer Demand for ImmediaTe Supply,” SAID ANALYSTS ING ANALYSTS ING ANALYSTS in A Note.

Price Found Support from Wednsday’s Government Data that Showed Us Crude, Gasoline and Distillete Inventories Fell Last Week.

Crude Inventories Dropped By 5.8 Million Barrels, Data Showed, Compared with Analysts’ Expectations in a Reuters Poll for a 797,000-Barrel Draw.

Gasoline Stocks Unexpectedly Fell by 2.1 Million Barrels, Compared with Forecasts for a 381,000-Barrel build as Gasoline Supplied, A Proxy for Demand, Rose for Demand, Rose to Its Highest Since Highest Since Highest Since 2021.

“We are looking at big draws across the board,” said phil flynn, Senior analyst with the price futures groups. “This type of report can refocus on us supply and demand, and less on geopolitics.”

A Slew of Us Macroeconomic Data Released Overnight, Including Data on Consumer Confidence, Showed Possibly Weaker-Thater-That-Economic Growth in the World’s Largest Oil Consuration Expectations of a federal reserve rate cut this year.

Oil prisles will likely consolidate at Around $ 65-70 per barrel levels as traders look to more us macroeconomic data this week and the fed rate decision, said independent markt analyst taina taing.

The market is betting that the fed could cut us interest rates as September as September, which would typically spur economic growth and demand for oil.

This article was generated from an automated news agency feed without modifications to text.