30/10/2024

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Oil prices lifted by Middle East tensions, outweighing demand concerns for now

Oil prices lifted by Middle East tensions, outweighing demand concerns for now

Oil prices lifted by Middle East tensions, outweighing demand concerns for now

SlavkoSereda/iStock via Getty Images

Crude oil futures rose this week, helped by increased tensions in the Middle East that have caused major shipping companies to divert vessels away from the Red Sea, as well as production disruptions in Libya.

The geopolitical risks are offsetting bearish U.S. stockpile data