In December, US Steel sealed a $14.9 billion deal to sell itself to Japan's Nippon Steel
business1 day ago
Oil prices edged higher on Thursday as supply disruption risks from rising geopolitical tensions in the Middle East helped to counter demand fears after a surprise build in US stockpiles.
Brent crude oil futures gained 70 cents, or 0.82 per cent, to $85.95 a barrel by 1202 GMT. US West Texas Intermediate crude futures rose 57 cents, or 0.7 per cent, to $81.47.
Both benchmarks had settled slightly higher on Wednesday.
The US Energy Information Administration (EIA) reported a 3.6 million barrel jump in the country’s crude oil stocks last week. Analysts polled by Reuters had expected a drawdown of 2.9 million barrels.
US gasoline stocks also rose, increasing by 2.7 million barrels. That compared with analyst expectations for a 1 million barrel draw.
“The actual readings were nothing short of disappointing for bulls that look for a continued (market) tightening brought about by seasonal demand,” said PVM Oil analyst John Evans.
“If it were not for the steady and incremental ratcheting up of geopolitical risk in the Middle East, oil prices might have found themselves on the back end of a much more negative day.”
Worries over the potential for the Israel-Hamas war in Gaza spreading to Lebanon limited price gains.
Cross-border strains between Israel and Lebanon’s Hezbollah have been escalating in recent weeks, stoking fears of a war that could draw in other regional powers, including major oil producer Iran.
Were contagion to occur, it could have a significant impact on crude supplies from the Middle East, said Panmure Gordon analyst Ashley Kelty.
In December, US Steel sealed a $14.9 billion deal to sell itself to Japan's Nippon Steel
business1 day ago
One of the most significant aspects is the development of transportation networks
business1 day ago
The court's sweeping rulings have limited the federal government's power to regulate everything from stock trading to pollution
business1 day ago
The issuance received tremendous response from international investors, attracting orders that peaked at $1.5 billion
business4 days ago
IMEC is widely viewed as a counter to China’s intercontinental Belt and Road Initiative
business4 days ago
Issue was oversubscribed more than three times
business4 days ago
Provenance, traceability and technology in the diamond industry
business4 days ago