News >
|
Oil Up With Data Signaling Strong Economic Growth In US, Heightening Geopolitical Tensions
|
|
02.04.2024 12:42
Major central banks, in preparation for interest rate cuts, have positive impact on oil prices.
|
Oil prices increased on Tuesday, with data showing strong economic activity in the US and escalated geopolitical tensions in the Middle East, where the majority of global oil resources are located.
International benchmark Brent crude traded at $88.40 per barrel at 11.28 a.m. local time (0828 GMT), a 1.1% rise from the closing price of $87.42 per barrel in the previous trading session.
The American benchmark West Texas Intermediate (WTI) traded at $84.77 per barrel at the same time, a 1.3% increase from the previous session that closed at $83.71 per barrel.
Oil prices spiked up after data released on Monday showed that the manufacturing industry in the US expanded for the first time after a 16-month contraction.
According to the US Institute of Supply Management's (ISM) Manufacturing Purchasing Managers Index (PMI), the manufacturing sector in the world's biggest oil-consuming country exceeded market expectations with a value of 50.3 in March, signaling strong oil demand.
Major central banks worldwide, in preparation for interest rate cuts, also supported higher oil prices. Experts forecast that interest rate cuts will boost economic activity and demand in all sectors, including the oil market.
Meanwhile, Israel's sustained attacks on the Gaza Strip, which are carried out in defiance of a UN Security Council resolution calling for a cease-fire, are exacerbating tensions in the Middle East.
Furthermore, a missile strike targeting the Iranian Consulate in the Syrian capital, Damascus, resulting in the killing of a top commander of Iran's Islamic Revolutionary Guard Corps (IRGC) and six other officers, heightened tensions in the region that hosts busy energy supply routes.
Early Monday, General Mohammed Reza Zahedi, a senior commander of Iran's Islamic Revolutionary Guard Corps' (IRGC) Quds Force in Syria and Lebanon, was reportedly killed in a strike that destroyed the Iranian consulate building next to the Iranian Embassy, according to the state-run IRNA news agency.
Iran's Foreign Minister Hossein Amir-Abdollahian said he holds Israel responsible for the attack, while Iranian Ambassador in Damascus Hossein Akbari said the attack is against all international conventions and will see a "decisive response." -
|
|
|
|
-
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.
22 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."
42 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."
32 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."
42 minutes ago...
|
|
|
|