Oil market rebounded on worries over peace talks in the Middle East
The oil market gained nearly 18% since the start of 2024, driven by geopolitical tensions and OPEC+ commitment to reduce outputs.
International benchmarks for crude oil recorded the first gain in three sessions on Wednesday, 10 April 2024 on concerns that ceasefire talks in the Middle East might stall. The oil market gained nearly 18% since the start of 2024, driven by geopolitical tensions and OPEC+ commitment to reduce outputs.
Headwinds include the rising US inventories and the possibility of the FED delaying rate cuts.
Brent gained $1.06 or 1.2% to close at $90.48/barrel.
WTI added 98 cents or 1.2% to settle at $86.21/barrel.