August 12, 2024 (Investorideas.com Newswire) Oil prices continued their upward trajectory for the fourth consecutive session, supported by diminishing fears of a US recession and escalating geopolitical tensions in the Middle East. The recent price increases are driven by better-than-expected US economic data, which have alleviated concerns about a potential recession, as well as growing anxieties over potential retaliation by Iran and Hezbollah. The geopolitical situation remains highly volatile.
Rising tensions could pose a significant threat to global oil supplies. The risk of attacks on oil infrastructure is a major concern for traders, as such disruptions could sharply reduce crude availability, driving prices higher. This uncertainty is further compounded by concerns about production levels from other major producers, like OPEC+, which has been carefully managing output to support prices.
Meanwhile, on the macroeconomic front, comments from US central bankers hinting at a possible interest rate cut due to cooling inflation have further contributed to oil price appreciation. Looking ahead, the market is closely watching the upcoming US Producer Price Index (PPI) data, with expectations of a drop to 0.1% in July from 0.2% in June.
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