NEW YORK: Oil prices settled higher on Thursday (Oct 19) as traders remained nervous that Israel’s military campaign in Gaza could escalate to a regio...
Crude prices find support after Federal Reserve chair Jerome Powell’s comments that the US central bank will be ‘proceeding carefully” on future interest rate increases. – AFP
Brent futures for December settled up 1%, or 88 cents, at US$92.38 a barrel while US West Texas Intermediate futures for November, which expire on Friday, settled up US$1.05, or 1.2%, at US$89.37 a barrel. At their session lows, both benchmarks were down more than US$1 a barrel. Gains were limited after the US issued a six-month licence authorising transactions in the energy sector of Opec member Venezuela, whose government reached an agreement with the political opposition there to ensure fair 2024 elections.
On Wednesday, oil prices climbed about 2% on concerns about disruptions to global supplies after Opec member Iran called for an oil embargo on Israel over the conflict in Gaza and after the US, the world's biggest oil consumer, reported a larger-than-expected inventory draw, adding to already tight supplies.
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