Oil prices rise on improving Chinese data and Middle East conflict

Oil prices rise on improving Chinese data and Middle East conflict
Oil prices rise on improving Chinese data and Middle East conflict

Oil prices rose Friday, continuing their upward trend on signs of improvement in China’s economy and as negotiations to end stalemate hostilities between Israel and Hamas yielded no results. result.

Brent crude rose 37 cents, or 0.4 percent, to $84.24 a barrel, while U.S. West Texas Intermediate crude rose 41 cents, or 0.5 percent, to $79.64 by 0003 GMT .

In the previous session, oil prices rose to their highest level in a week on data on rising crude oil imports into China in April and as investors considered a slowing jobs market US as an indication of possible interest rate reductions.

Chinese exports and imports returned to growth in April after contracting the previous month, a sign of improving demand.

“Continued signs of strength in demand in China should allow the commodities market to remain well supported,” ANZ Research said in a note.

In the United States, there is considerable uncertainty about the direction inflation will take in the coming months, San Francisco Federal Reserve President Mary Daly said Thursday, while adding that she remains confident that price pressures continued to ease.

Ms. Daly did not say whether or not she thought the U.S. central bank was likely to cut interest rates this year. Financial markets expect the US central bank to begin its easing cycle in September.

Israeli forces shelled areas of Rafah on Thursday, according to Palestinian residents, as Prime Minister Benjamin Netanyahu rejected US President Joe Biden’s threat not to provide weapons to Israel if it attacks the Gaza city south of the country.

A senior Israeli official said late Thursday that the latest round of indirect negotiations in Cairo aimed at ending hostilities in Gaza had ended and that Israel would continue its operation in Rafah and other parts of the Strip. Gaza as planned. (Reporting by Katya Golubkova; Editing by Stephen Coates)

-

-

PREV Deadly neighbor quarrel: two brothers accused of murder
NEXT Guerlain celebrates World Bee Day