{"id":41510,"date":"2024-05-02T22:45:01","date_gmt":"2024-05-02T22:45:01","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/05\/02\/oil-prices-rebound-after-closing-at-seven-week-low-times-of-india\/"},"modified":"2024-05-02T22:45:01","modified_gmt":"2024-05-02T22:45:01","slug":"oil-prices-rebound-after-closing-at-seven-week-low-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/05\/02\/oil-prices-rebound-after-closing-at-seven-week-low-times-of-india\/","title":{"rendered":"Oil prices rebound after closing at seven-week low &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"1280\" height=\"720\" src=\"https:\/\/i3.wp.com\/static.toiimg.com\/photo\/msid-109784786,imgsize-33900.cms?fit=1280,720&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Oil prices rebound after closing at seven-week low &#8211; Times of India\" title=\"Oil prices rebound after closing at seven-week low &#8211; Times of India\" \/><\/div>\n<div>LONDON: <!-- -->Oil prices<!-- --> rose on Thursday, rebounding from three days of losses that took prices to their lowest since mid-March.<br \/>Brent crude futures<!-- --> for July gained 79 cents, or 0.95%, to $84.23 a barrel by 0959 GMT. <!-- -->U.S. West Texas Intermediate<!-- --> (WTI) crude for June climbed 69 cents, or 0.87%, to $79.69.<br \/> Prices fell more than 3% to a <!-- -->seven-week low<!-- --> on Wednesday after the U.S.Federal Reserve kept interest rates steady and warned of stubborn inflation, which could curtail economic growth this year and limit oil demand increases.<br \/> Crude was also pressured by an unexpected increase in U.S. crude inventories in data from the Energy Information Administration (EIA). Inventories were shown at their highest since June..<br \/> &#8220;The updated inventory statistics were probably the most salient price driver over the course of yesterday&#8217;s trading session,&#8221; said PVM analyst Tamas Varga.<br \/> Crude inventories rose by 7.3 million barrels to 460.9 million barrels in the week ended April 26, compared with the 1.1 million barrel draw expected by analysts in a Reuters poll.<br \/> Supporting the price recovery were ceasefire talks in the Israel-Hamas war and the potential for low prices to spur U.S. government buying for strategic reserves.<br \/> &#8220;As the impact of the U.S. crude stock build and the Fed signalling higher-for-longer rates is close to being fully baked in, attention will turn towards the outcome of the Gaza talks,&#8221; said Vandana Hari, founder of Vanda Insights.<br \/> In the Middle East, expectations grew that a ceasefire agreement between Israel and Hamas could be in sight after a renewed push led by Egypt, though Israeli Prime Minister Benjamin Netanyahu has vowed to go ahead with a long-promised assault on the southern Gaza city of Rafah.<br \/> &#8220;The geopolitical temperature might have dropped a notch or two, but the climate remains hot,&#8221; Varga added.<br \/> The U.S. has previously said it aims to replenish the Strategic Petroleum Reserve (SPR) after a historic sale from the emergency stockpile in 2022 and wants to buy back oil at $79 a barrel or less.<br \/> &#8220;The oil market was supported by speculation that if WTI falls below $79, the U.S. will move to build up its strategic reserves,&#8221; said Hiroyuki Kikukawa, president of NS Trading, owned by Nissan Securities.<\/div>\n<p><script>!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? 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U.S. West Texas Intermediate (WTI) crude for June climbed 69 cents, or 0.87%, to $79.69. Prices fell more than [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":41511,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/static.toiimg.com\/photo\/msid-109784786,imgsize-33900.cms","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[8138,246,273,1134,5675,2364,5700,43303,43304,272,43302],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/41510"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=41510"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/41510\/revisions"}],"predecessor-version":[{"id":41512,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/41510\/revisions\/41512"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/41511"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=41510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=41510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=41510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}