Oil prices hit a six-week high on Thursday as oil rigs in the Gulf of Mexico were evacuated ahead of a storm, while an incident with a British tanker in the Middle East highlighted tensions in the region.
However, prices gave up most gains as OPEC forecast that world demand for its crude would decline next year as rivals pumped more, pointing to the return of a surplus despite an OPEC-led pact to restrain supplies.
Brent crude futures were up 2 cents at $67.03 a barrel by 1330 GMT. Earlier in the session, they hit their highest since May 30 at $67.65, after ending Wednesday up 4.4%.
U.S. West Texas Intermediate crude futures were up 9 cents at $60.52 a barrel, having touched their highest since May 23 at $60.94. They gained 4.5% in the previous session.
A day after Iran warned Britain would face “consequences” over the seizure of an Iranian oil tanker, three Iranian vessels tried to block the passage of a British ship run by BP through the Strait of Hormuz, the British government said. They withdrew after warnings from a British warship.
via Reuters
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.