July 2, 2024 (Investorideas.com Newswire) Crude oil continues to commerce larger at two-month highs amid geopolitical tensions and seasonal demand optimism. Brent crude futures surged above the $86.5 per barrel mark, whereas WTI crude futures climbed above $83.5 per barrel. This bullish trajectory is pushed by expectations of strong summer time demand and ongoing geopolitical tensions within the Center East, elevating issues over potential provide disruptions within the Persian Gulf.
Moreover, Hurricane Beryl impacted sentiment, posing a risk to grease manufacturing if it shifts towards the Gulf of Mexico. These uncertainties led to additional market volatility. Bullish sentiment was additional supported by forecasts indicating a considerable improve in US journey demand over the upcoming July 4 vacation weekend, suggesting strong oil consumption from the world’s largest shopper. Furthermore, steady inflation knowledge for Might alleviated issues about weakening shopper demand, offering additional assist to grease costs amidst international financial uncertainties.
Merchants now await insights from the upcoming US petroleum report, anticipated to make clear summer time and might be essential in figuring out the near-term path of oil costs.
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