Oil Prices Rise amid Mideast Tensions

Oil prices edged up today as developments in the Middle East took center stage against cautious demand expectations and ahead of a government meeting on China's fiscal policy. Brent crude futures rose 45 cents, or 0.6%, to $77.63 a barrel, while US West Texas Intermediate (WTI) futures rose 33 cents to $73.90 a barrel. Prices had fallen more than 4% in the previous session. The US Energy Information Administration (EIA) has cut its forecast for global oil demand growth in 2024 by 20,000 barrels per day, to 103.1 million barrels per day, due to weak industrial production and manufacturing growth in the US and China. Source: Oman News Agency