NEW YORK, Oct 12 - Oil prices reversed earlier gains on Thursday in a volatile session, after a large build in U.S. crude stockpiles outweighed expectations that U.S. interest rates had peaked.
Lower refining utilization rates and higher net imports added to the crude build, said Bob Yawger, director of energy futures at Mizuho. Lower U.S. bond yields are stoking risk appetite, which in turn is supporting equities and oil, UBS analyst Giovanni Staunovo said. Russian Deputy Prime Minister Alexander Novak also reassured markets, saying the current oil price factored in the Middle East conflict and showed that the risk from it was not high.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Market experts eye Iran, crucial waterways for oil disruptions - BNN BloombergExperts watching global oil markets for impacts from the Israel-Gaza war said Wednesday that the biggest risk to oil prices would likely come from Iran, should the country become involved in the conflict.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Oil market 'pretty immune' to Mideast tensions: Citi's MorseConcerns around pricing in the oil market are rising alongside heightened geopolitical tensions in the Middle East. Citigroup Global Head of Commodities Ed...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Russia and Saudi Arabia discuss oil market, prices amid Israel-Hamas warSaudi Arabia and Russia have co-ordinated supply cuts in recent years to support oil prices
Source: globeandmail - 🏆 5. / 92 Read more »
Shale Boss Warns of Oil-Market Peril If Iran Is Swept Into War - BNN BloombergOil prices will surge if the Israel-Hamas war escalates to include Iran, according to shale magnate Scott Sheffield.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Stock market today: Wall Street rises as pressure relaxes from the bond marketNEW YORK (AP) — Stocks closed higher as pressure relaxed on Wall Street from the bond market. The S&P 500 rose 0.5% Tuesday. The Dow added 134 points, and the Nasdaq composite climbed 0.6%.
Source: SooToday - 🏆 8. / 85 Read more »
Stock open flat as CPI inflation holds steady: Stock market news todayAll eyes are on the Consumer Price Index report for insight into whether the Fed is winning the inflation fight.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »