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Crude futures appeared to stabilize on Thursday, trading modestly higher after sliding for four sessions. But skepticism surrounding the latest stimulus measures announced by China overnight helped keep a lid on prices, analysts said.
Although Israel has held back from retaliating against Iran so far, the situation "could change at a moment's notice," according to Rystad Energy.
Geopolitical tensions and falling U.S. inventories drive a potential bullish shift in energy prices amid market uncertainty.
Crude oil and natural gas prices remain under pressure, while the U.S. dollar index continues to trade higher on safe-haven demand.
Aldo Spanjer, senior commodities desk strategist at BNP Paribas Markets 360, discusses oil prices amid conflict in the Middle East and weakening demand from China.
Oil prices rose in early Asian trade on Thursday, paring sharp losses over the past two sessions, after industry data showed an unexpected drop in U.S. crude stockpiles last week.
Oil rose in the early Asian session amid renewed geopolitical tensions in the Middle East.
Oil prices (CL=F, BZ=F) pull back after reports that Israel will not target Iran's oil infrastructure, coming down from recent gains fueled by conflict in the Middle East. Citi global energy strategist Eric Lee joins Market Domination Hosts Julie Hyman and Josh Lipton to explain his bull case that oil prices could still climb to $120 during the first quarter of 2025 on supply disruptions.
Oil markets are losing ground amid lack of positive catalysts.
U.S. oil mergers slowed sharply last quarter after a year-long consolidation wave emptied pocketbooks and left fewer companies on offer in the top U.S. shale field, analytics firm Enverus said on Wednesday.