ANKARA, April 26 — Oil prices increased today due to strong US demand and rising tensions in the Middle East, reported Anadolu.
International benchmark Brent crude traded at US$89.66 (RM427) per barrel at 10.36am local time (0736 GMT), a 0.7 per cent increase from the closing price of US$89.01 per barrel in the previous trading session.
The American benchmark West Texas Intermediate (WTI) traded at US$84.05 per barrel at the same time, a 0.6 per cent increase from the previous session that closed at US$83.57 per barrel.
The US, the world’s largest oil-consuming country, showed robust demand when the US Energy Information Administration (EIA) announced yesterday that commercial crude oil stocks had decreased by approximately 6.4 million barrels to 453.6 million barrels last week.
Plus, concerns over the ongoing conflict in the Red Sea flagged supply risks and propped prices up.
Yemen’s Houthi group stated today that they carried out attacks targeting an Israeli vessel and multiple sites in the southern Israeli city of Eilat.
Additionally, uncertainties over when the US Federal Reserve (Fed) will start interest rate cuts continue to influence oil prices.
The possibility of a rate cut limited upward price movements, as generally high interest rates boost the value of the US dollar, making oil more expensive for holders of other currencies. — Bernama-Anadolu
