News >
|
Oil Prices Rise With Weak US Dollar, Red Sea Unrest
|
|
22.02.2024 15:42
Data indicating weakening demand in US, world's biggest oil consuming country, restricts oil price rises.
|
Oil prices increased on Thursday with a weaker US dollar and concerns over conflicts in the Red Sea, putting global oil transit at risk.
The international benchmark crude Brent traded at $83.34 per barrel at 10.27 a.m. local time (0727 GMT), a 0.37% rise from the closing price of $83.03 a barrel in the previous trading session on Wednesday.
The American benchmark, West Texas Intermediate (WTI), traded at the same time at $78.22 per barrel, up 0.40% from Wednesday's close of $77.91 per barrel.
The depreciation in the US dollar against other currencies made oil cheaper for foreign currency traders and boosted trade in support of higher prices. The US dollar index, which measures the US dollar's value against other currencies, fell 0.18% to 103.81.
Tensions are rising in the Red Sea due to Houthi attacks on commercial ships supporting Israel and counterattacks by US and British forces. Western military forces are sustaining attacks on Houthi targets in Yemen, while the Houthis are threatening to retaliate against any attempt to send naval patrols to protect Israeli ships in the Red Sea.
Houthis announced Wednesday that US and British forces carried out 17 attacks on the city of Hudaydah in the west of the country.
On Tuesday, the Houthis said they targeted sensitive areas in the southern Israeli city of Eilat and an Israeli ship in the Gulf of Aden.
Meanwhile, data indicating weakening demand in the US, the world's biggest oil-consuming country, restricted the rise in prices.
The American Petroleum Institute's latest data released on Wednesday revealed that crude oil inventories exceeded market expectations and increased by 7.16 million barrels last week, compared to estimates of a stock rise of 4.29 million barrels. Official stock data from the US Energy Information Administration will be released later in the day.
However, prices came under downward pressure, with analysts assuming that the US Fed will keep interest rates higher for longer. The minutes of the Federal Open Market Committee meeting published on Wednesday showed that officials are concerned about the rapid loosening of monetary policy. -
|
|
|
|
-
Cübbeli Ahmet Hoca was attacked.
-
Ahmet Mahmut Ünlü, also known as Cübbeli Ahmet Hoca, was attacked after a conversation in Istanbul Ikitelli. A person from the crowd grabbed Ünlü by the throat and cursed at him, but the security guards intervened immediately. The moments were captured on a mobile phone camera.
13 minutes ago...
-
Ümit Özdağ clarified his statements about Engin Polat: A figure was mentioned in the negotiation between the two politicians.
-
Zafer Party leader Ümit Özdağ, who previously stated "I know how Engin Polat got released from prison. Unfortunately, I cannot write about it," has made a new statement regarding his release in the money laundering case. Özdağ, during a live broadcast, said, "Before this decision was made, a friend of mine coincidentally overheard a conversation between two politicians and the content of the conversation. There was a discussion between two individuals, a negotiation took place, and an amount was mentioned. I know what they talked about."
33 minutes ago...
-
Bolu Mountain Tunnel has been opened for service in the Ankara-Istanbul direction.
-
Bolu Mountain Tunnel has reopened in the Ankara-Istanbul direction after the completion of the extension works for both tubes. Minister of Transportation and Infrastructure, Abdulkadir Uraloğlu, stated, "We have extended the Ankara-Istanbul direction by 67 meters and opened it for service today, 12 days ahead of schedule. Our country's busiest highway is now much safer against potential landslides in Bolu Mountain."
23 minutes ago...
-
AK Party Spokesperson Çelik's new statement regarding lieutenants: If there is intention and indiscipline, necessary actions will be taken.
-
After President Erdogan's remark "Who are you drawing these swords against?" during the swearing-in ceremony of lieutenants at the military academy, AK Party Spokesperson Omer Celik made a new statement. Celik, in a live broadcast he participated in, said, "Intention, negligence, and indiscipline will be examined in this context, and necessary actions will be taken." AK Party Spokesperson had also stated in a previous statement, "It is unhealthy to approach the respect shown to Ataturk in a way that is directed towards our president. If there is indiscipline, it will be investigated."
33 minutes ago...
|
|
|
|