Oil prices increase amid stronger US demand, cease-fire talks weigh on market
Date
1/15/2025 7:38:52 AM
(MENAFN) Oil prices increased on Wednesday, supported by a stronger demand outlook in the United States, the largest global consumer of oil. However, reports of a potential cease-fire between Israel and Hamas exerted downward pressure on prices.
Brent crude, the international benchmark, rose by 0.2 percent, trading at USD79.70 per barrel at 9:53 AM local time (0653 GMT), up from USD79.54 at the previous session's close.
US benchmark West Texas Intermediate (WTI) gained 0.26 percent, reaching USD76.91 per barrel compared to the prior session's close of USD76.70.
The American petroleum Institute (API) reported a decrease in US commercial crude oil inventories for the week ending January 10, with a drawdown of 2.6 million barrels. While this was below market expectations of a 3.5 million barrel decline, it indicated a rise in demand, helping both benchmarks increase.
The US Energy Information Administration is set to release official inventory data later on Wednesday.
Ongoing discussions for a prisoner swap and a cease-fire, facilitated by Qatar, Egypt, and the US, continue to influence the oil market.
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