Brent crude futures rose 25 cents, or 0.6 percent, to $74.47 per barrel by 0834 GMT, while US West Texas Intermediate crude futures also rose 25 cents to $70.64 per barrel.
The two benchmark crude oils settled yesterday, Wednesday, at their lowest levels since October 2 for the second day in a row, after the Organization of the Petroleum Exporting Countries (OPEC) reducedOPEC) and the International Energy Agency demand forecasts for the years 2024 and 2025.
Prices fell due to waning fears that an Israeli attack on Iran in response to the Iranian missile attack on October 1 might lead to a disruption in oil supplies, despite the continued uncertainty about the development of the conflict in the Middle East.
“The Israeli response to Iran is not yet clear,” John Evans of oil brokerage PVM told Reuters.
He added, “A new reason will emerge from (the Middle East) that will be sufficient to move oil prices again soon, and investors will also be preoccupied today with an abundance of financial data.”
The Energy Information Administration is scheduled to release official data on US oil inventories by 11 a.m. EST (1500 GMT).
In the United States, market sources quoted figures from the American Petroleum Institute yesterday, Wednesday, that crude oil and fuel stocks fell last week, despite expectations of a rise in crude stocks.
Analysts at ANZ said, “Any indications of weak demand in the weekly Energy Information Administration report on oil inventories may lead to a decline in prices.”
Evans also pointed to US aid claims data scheduled to be released today, Thursday, at 8:30 a.m. EST (1230 GMT) and the interest rate decision from the European Central Bank.
Oil prices may receive support if the bank goes ahead with the decision to cut interest rates, which would be the first successive cut in 13 years.
Investors are still waiting for more details from China regarding its broad plans announced on October 12 to revive its slowing economy, including efforts to support the faltering real estate market.
