Oil inched higher as demand concerns counterbalanced MEA tension
In a brief session on Monday, 19 February 2024 Brent crude oil prices edged marginally higher as persistent supply fears from Middle Eastern tensions were counterbalanced by signs of declining demand.
In a brief session on Monday, 19 February 2024 Brent crude oil prices edged marginally higher as persistent supply fears from Middle Eastern tensions were counterbalanced by signs of declining demand.
The International Energy Agency's weakening demand projections and a larger-than-expected increase in US producer prices in January capped oil's gains, exacerbating inflation concerns and strengthening the currency.
Brent futures rose 9 cents to settle at $83.56 /barrel.
WTI is closed for a holiday in the US.