Oil prices rose on Thursday after a significant drop, with Brent crude trading at US$84.11 per barrel and West Texas Intermediate at US$79.66 per barrel. The increase comes after the US Federal Reserve’s decision to keep interest rates unchanged, impacting global supply concerns. Reports of Israeli airstrikes in Gaza and disruptions to supply routes through the Red Sea have also influenced prices. Additionally, weak demand in the US, as indicated by data from the US Energy Information Administration, has limited further price rises. The possibility of a rate cut by the Fed could also impact oil prices in the future. Stay updated with the latest news on oil prices and global supply concerns.
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