© Reuters.
Investing.com– Oil prices rose on Thursday, recovering slightly from near four-month lows as markets remained on edge over a slowdown in global crude demand, especially following weak signals from several major economies.
Crude prices fell sharply this week, with Brent now trading below the key $80 a barrel level as a storm of factors appeared to be working against oil markets.
Data from the (API) showed that U.S. crude inventories saw their biggest weekly build since February- at over 11 million barrels in the week to Nov. 3.
The API data signaled some cooling in U.S. fuel consumption, especially as the winter season approaches. Official from the Energy Information Administration is now due on Nov. 15.
Strength in the – which rebounded on a string of hawkish signals from Federal Reserve members- weighed on oil prices, as markets feared further cooling in economic growth due to high interest rates.
Waning concerns over supply disruptions from the Israel-Hamas war also saw traders no longer pricing in a risk premium from the conflict.
steadied around $79.81 a barrel, while rose 0.4% to $75.60 a barrel by 20:09 ET (01:09 GMT).
Weak economic…
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