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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Brent rose above $77 per barrel

August, 07 2024
watermark Economic news

Oil prices continued to rise on Wednesday, following a slight increase in the previous session.


On the London ICE Futures exchange, October futures for Brent crude oil rose in price to the level of $77.25 per barrel. September WTI crude futures rose to $73.71 per barrel.


Traders continue to monitor the situation in the Middle East, anticipating a possible Iranian attack on Israel after the recent assassination of Hamas leader Ismail Haniyeh in Tehran.


«If the situation in the Middle East worsens and this affects oil supplies from the region, prices will quickly go up,» said Commerzbank analyst Carsten Fritsch.


Traders are also concerned about the prospects for oil demand due to signals of slowing economic growth in China and the United States. Statistics released on Wednesday showed a slowdown in Chinese growth in July amid a larger-than-expected increase in imports.


Also today, the U.S. Department of Energy will present a weekly report on energy reserves. According to the American Petroleum Institute, published yesterday, oil reserves in the United States increased by 180 thousand barrels.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.