Oil prices ended the week on an uptick, influenced by Middle East unrest, overshadowing the International Energy Agency’s (IEA) lowered demand expectations.
Brent crude ended the day up $0.61, or 0.74%, at $83.47 a barrel.
U.S. West Texas Intermediate (WTI) increased by $1.16, or 1.49%, to $79.19. The April WTI contract also rose, gaining $0.87 to $78.46.
Throughout the week, Brent added over 1%, and the U.S. benchmark saw a 3% increase.
The threat of further conflict in the Middle East buoyed oil markets.
Hezbollah’s rocket attacks on an Israeli town as retaliation for civilian deaths in Lebanon underscored the tensions, marking a significant escalation in hostilities.
Despite these developments, the oil market’s reaction remained tempered, with analyst Giovanni Staunovo noting, “Oil continues to flow with minor disruptions.”
In Gaza, Israel’s airstrikes targeted Rafah, highlighting the war’s severity as it besieged Gaza’s largest operational hospital.
The Red Sea also witnessed tension, with a Yemeni missile striking an India-bound oil tanker.
The IEA revised its demand growth forecast for 2024 downward, predicting a slowdown to 1.22 million barrels per day (bpd), influenced by reduced Chinese demand.
This adjustment marks a significant decrease from last year’s growth rate, showcasing the global demand shift.
Live Market IntelligenceCommodities — Live Market Board
Rio Times · Live Market Intelligence
Commodities — Live Market Board
+0.02%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| GOLD | 3,886 | +0.03% | -4.62% | 3,885 | 3,927 | 3,871 | 151,010 |
| SILVER | 49.12 | -1.70% | -2.97% | 49.97 | 50.73 | 48.41 | 49,657 |
| BRENT | 95.84 | +0.02% | +49.28% | 95.82 | 97.12 | 95.07 | 22,079 |
| WTI | 88.56 | -0.20% | +47.82% | 88.74 | 89.64 | 87.80 | 181,210 |
| COPPER | 6.09 | -1.50% | +21.80% | 6.18 | 6.24 | 6.05 | 53,682 |
| LITHIUM | 58.76 | -1.13% | -7.86% | 59.43 | 59.59 | 58.42 | 159,497 |
| IRON ORE | 161.91 | — | +55.06% | 161.91 | 161.91 | 1 | |
| SOY | 1,232 | +0.37% | +6.42% | 1,227 | 1,241 | 1,219 | 103,557 |
| CORN | 445.50 | +0.68% | +2.47% | 442.50 | 450.25 | 441.75 | 245,686 |
| WHEAT | 593.25 | +1.54% | +9.00% | 584.25 | 600.00 | 582.00 | 99,685 |
| COFFEE | 279.25 | -0.34% | -30.63% | 280.20 | 279.20 | 272.35 | 17,133 |
| SUGAR | 18.40 | +0.99% | +24.32% | 18.22 | 18.54 | 18.16 | 59,813 |
| COCOA | 5,123 | +1.13% | -2.68% | 5,066 | 5,330 | 5,169 | 27,100 |
| ORANGE JUICE | 136.85 | -2.91% | -12.02% | 140.95 | 141.25 | 135.00 | 973 |
| COTTON | 79.02 | +0.44% | +26.72% | 78.67 | 79.90 | 78.63 | 18,270 |
| BEEF | 224.80 | +2.70% | +1.59% | 218.90 | 225.88 | 221.45 | 23,034 |
| CATTLE | 335.35 | -0.10% | -1.32% | 335.67 | 336.98 | 329.53 | 9,700 |
| USD/BRL | 5.67 | +0.45% | +7.09% | 5.64 | 5.67 | 5.63 | — |
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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