Oil prices have seen a slight increase on Thursday, with Brent crude rising 0.2% to $79.93 per barrel and WTI crude up 0.3% to $77.21 per barrel. This follows a decline of over 1% on Wednesday due to an unexpected rise in U.S. crude inventories and easing Middle East conflict concerns.
The current uptick is largely driven by optimism surrounding potential U.S. interest rate cuts, which are expected to boost economic activity and fuel demand. July’s consumer price index showed a modest increase, bringing the annual inflation rate below 3%, which has strengthened expectations for a Fed rate cut next month.
Despite the recent gains, oil prices are constrained by ongoing global demand concerns, particularly from China, and reduced demand forecasts from both the IEA and OPEC due to economic slowdowns. U.S. crude inventories unexpectedly increased by 1.4 million barrels, and geopolitical risks, including potential Iranian retaliation and unrest in Gaza, are providing some support to prices.
Looking ahead, oil prices might face pressure from persistent demand concerns and reduced jet fuel consumption. WTI crude could potentially approach $72 if current trends persist.
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