Price action
By 0003 GMT, crude futures rose Brent 44 cents, or 0.59 percent, to $75.40 a barrel, while US West Texas Intermediate crude futures rose 45 cents, or 0.64 percent, to $71.22 a barrel, with markets concerned about supplies amid the continuing heavy exchange of fire between Israel and the Lebanese Hezbollah group.
And he advances Brent To achieve weekly gains of 3.2 percent, while US crude is approaching an increase of 2.9 percent.
And it was Oil It fell by more than seven percent last week due to concerns about Chinese demand and waning concerns about possible disruptions to oil supplies from the Middle East.
It was information management Energy US reported earlier Wednesday that crude inventories rose by 5.5 million barrels to 426 million barrels in the week ending October 18, exceeding analysts’ expectations in a Reuters poll for an increase of 270 thousand barrels.
It prompted a series of stronger-than-expected economic data on consumer spending and jobs And inflation Investors are reducing their bets on the pace and scope of price cuts Interest American.
Lowering interest rates by less than expected would ease the reduction in borrowing costs, which in turn could affect economic activity and demand for oil.
Meanwhile, Israel bombed Beirut’s southern suburbs on Wednesday and Hezbollah said it fired precision-guided missiles for the first time at Israeli targets, keeping markets nervous about the supply.