Oil rises amid fears of widening Middle East conflict

29/07/2024 Argaam

Oil rises amid fears of widening Middle East conflict

Oil drilling rigs

Oil prices rose today, July 29, amid concerns that the Middle East conflict could spread to Lebanon. However, the negative outlook for energy demand in China limited gains. 

 

Brent crude was trading up 0.45% at $80.64 per barrel at 08:07 am Makkah time. West Texas Intermediate (WTI) crude rose 0.38% to $77.45 per barrel. 

 

"Worries over escalating tensions in the Middle East prompted fresh buying, but gains were limited by lingering concerns of weakening demand in China," Reuters quoted Toshitaka Tazawa, Analyst at Fujitomi Securities, as saying. 

 

The most active contracts for Brent and WTI crude ended the last week's trading down 1.8% and 3.7%, respectively. The official data released on July 20 showed China's oil imports fell 11% in the first half of 2024. 

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