Oil prices edged higher on Thursday from two-week lows, with investors eyeing developments in the Middle East and more details on China’s stimulus plans, as well as awaiting the release of official U.S. oil inventory data.
Brent crude futures rose 17 cents, or 0.2%, to $74.39 a barrel by 0408 GMT, while U.S. West Texas Intermediate crude futures were at $70.58 a barrel, up 19 cents, or 0.3%.
Both benchmarks settled down on Wednesday, closing at their lowest levels since Oct. 2 for a second day in a row.
The benchmarks are down 6-7% so far this week after the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency cut demand forecasts for 2024 and 2025. Prices have also fallen as risk premiums have cooled, with fears having eased that a retaliatory attack by Israel on Iran could disrupt oil supplies, though uncertainty remains over conflict in the Middle East.
“We are now playing a waiting game for two things. Firstly, the China NPC (National People’s Congress) standing committee to flesh out the details and the size of the fiscal stimulus package, which I believe is coming,” Tony Sycamore, IG market analyst in Sydney, said.
