Key Points
NEW YORK (Reuters) Oil prices held near a one-week high on Thursday as data from China and the U.S. that signalled demand in the worlds two biggest crude-consuming nations could climb offset weak current U.S. distillates and gasoline demand...
Brent futures rose 15 cents, or 0.2%, to $83.73 a barrel by 1:28 p.m. EDT (1728 GMT), while U.S. West Texas Intermediate (WTI) crude rose 16 cents, or 0.2%, to $79.15...
In China meanwhile, crude oil imports rose on the previous year in April and exports and imports returned to growth last month, signalling improvement in demand at home and overseas as Beijing moves to shore up a shaky economy...
If the Biden boycott spurs the Israelis to sign a ceasefire deal with Hamas, then WTI crude oil could potentially squeeze another $10 (a barrel) of geopolitical risk premium out of the market, Bob Yawger, director of energy futures at Mizuho, said in a note...
However, if Iran becomes emboldened by the U.S. stance and jumps back into the fray after keeping (a) low profile for weeks, then the market could rally back to multi-month highs, Yawger added...
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