The price of a barrel of Brent crude oil from the North Sea for delivery in October rose 1.60% to $81.04 in London. Meanwhile, in New York, the price of a barrel of West Texas Intermediate (WTI) crude oil for delivery in September rose 1.53% to $78.16.
Crucial talks began in Qatar on Thursday to broker a truce between Israel and the Palestinian Islamist group Hamas in Gaza amid mounting pressure to prevent the war from spreading across the region.
“Geopolitical risks are part of the picture,” said Phil Flynn of Price Futures Group.
What US economic data impacted the price of oil?
US household consumption rose sharply in July compared with June, thanks to a moderation in inflation and interest rates that are beginning to ease in anticipation of a rate cut by the Federal Reserve.
Household spending reached $709.7 billion in July, up 1 percent from June’s total, the Commerce Department said Thursday. The year-over-year increase was substantial, reaching 2.6 percent.
Weekly jobless claims fell to 227,000, when the market had expected stability compared to the previous week.
With inflation in the United States slowing and consumption still strong, “these data support prices as the Federal Reserve will be able to lower its rates,” Flynn said.
On the other hand, China, the world’s largest importer of oil, recorded more-than-expected retail sales in July, which also boosted crude oil prices.
Source: Ambito
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