Oil market extended gains as supply concerns lingered
International benchmarks for crude oil ended the volatile trading session on Thursday, 29 June 2023 with additional gains as a report on the 9.6 million barrels dropped in US commercial crude inventories
International benchmarks for crude oil ended the volatile trading session on Thursday, 29 June 2023 with additional gains as a report on the 9.6 million barrels dropped in US commercial crude inventories eased concerns over the falling demand as a result of the constantly rising interest rates.
On the other hand, the resilient labour market in the US might prompt the FED to keep raising interest rates, which capped the price increases.
Brent crude notched up 31 cents or 0.4% at $74.34/barrel.
US West Texas Intermediate rose 30 cents or 0.4% at $69.86/barrel.