DXY:Oil prices recovered after a volatile end to October
Oil prices rose slightly in Asian trade on Wednesday, the first in five months, as traders priced in lower risk premiums from the Israel-Hamas war and focus now shifted to the Federal Reserve's interest rate decisions. I have recovered from the worst month of .
The market also had mixed data on U.S. oil inventories, showing that while overall inventories increased, gasoline and distillate inventories declined significantly.
Oil prices have fallen sharply in recent trading amid growing expectations that Israel and Hamas will not have a significant impact on Middle East oil flows, especially with no Arab powers in sight. Others are also involved in the conflict.
However, the World Bank has warned that the conflict could continue to affect oil supplies and cause prices to rise. However, the organization also predicts that oil prices will remain depressed until 2024 on the back of slowing global economic growth. Concerns over weak demand in China also weighed on oil markets, following disappointing factory activity data released on Tuesday by the world's biggest oil importer. The figures came after a dire business report in the euro zone, raising concerns about a slowdown in global economic growth.
The market also had mixed data on U.S. oil inventories, showing that while overall inventories increased, gasoline and distillate inventories declined significantly.
Oil prices have fallen sharply in recent trading amid growing expectations that Israel and Hamas will not have a significant impact on Middle East oil flows, especially with no Arab powers in sight. Others are also involved in the conflict.
However, the World Bank has warned that the conflict could continue to affect oil supplies and cause prices to rise. However, the organization also predicts that oil prices will remain depressed until 2024 on the back of slowing global economic growth. Concerns over weak demand in China also weighed on oil markets, following disappointing factory activity data released on Tuesday by the world's biggest oil importer. The figures came after a dire business report in the euro zone, raising concerns about a slowdown in global economic growth.
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