Oil up on Thursday

Oil prices rose slightly after a two-day drop, driven by unrest in the Middle East and an unexpected rise in US crude stockpiles. Brent crude hovered near $80 per barrel, with US West Texas Intermediate (WTI) above $77. US crude inventories increased by 1.36 million barrels, contradicting earlier expectations of a decline.

Crude prices have been pressured by weakening demand in China, with its oil demand falling 8 per cent in July. Concerns over global demand, especially in China, have prompted OPEC+ to lower its 2024 forecast. Meanwhile, US inflation data suggests the Federal Reserve may lower interest rates next month.

Attribution: Bloomberg

Subediting: M. S. Salama