Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen correspondent to southern Lebanon: Israeli warplanes launched a raid on the Ksar Zaatar neighborhood in western Nabatieh.
Al Mayadeen's correspondent in Gaza: The tower destroyed by the Israeli occupation in Gaza includes media offices, including Al Mayadeen's bureau.
Al Mayadeen's correspondent in Gaza: Four fetuses and three premature babies died at Nasser Medical Complex due to malnutrition
Lebanese Ministry of Health: One person was killed in an Israeli airstrike on a car in the town of Burj Qalawieh, south Lebanon.
Al Mayadeen correspondent: The first ship of the Maghreb fleet delivering aid to break the siege on Gaza departs from the port of Gammarth in Tunisia.
Channel 12: Airspace closed at Ramon Airport due to fears of drone infiltration
IOF Spokesperson: Sirens sounded over an aircraft infiltration in the Bir Ora area, and details are being examined
Drone infiltration sirens sound north of the Gulf of Aqaba
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out five extremely violent raids on the western areas of Gaza City
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out major bombings in the Gaza Strip, the most violent since October 7

Oil prices jump 3% on Wall Street rebound, Middle East situation

  • By Al Mayadeen English
  • Source: Agencies
  • 7 Aug 2024 22:58
3 Min Read

With about two hours left in New York trade, US West Texas Intermediate (WTI) oil was at $75.52 per barrel, up $2.32, or 3.2%.

Listen
  • x
  • Oil prices jump 3% on Wall Street rebound, Mideast situation
    Storage tanks are seen at the North Jeddah bulk plant Gas prices are displayed at a gas station in San Diego on March 8, 2022. (AP)

Oil prices rose 3% on Wednesday as a Wall Street surge, high draw figures for US petroleum, and the risk of an escalated war in the Middle East all helped a market that had just given up the majority of its gains for 2024.

With about two hours left in New York trade, US West Texas Intermediate (WTI) oil was at $75.52 per barrel, up $2.32, or 3.2%. WTI gained 0.4% in the previous session after falling to an almost six-month low of $71.69 on Monday.

The US crude standard is up 4.2% year to date, following a recent boom that saw it rise as high as 18% by 2024.

UK-origin Brent crude was up $2.18, or 2.9%, to $78.66 a barrel. Brent's low the previous day was $75.06, a level not seen since the week of December 29.

The global oil benchmark is up 1% year to date, following a previous rise that increased its price by about 20% in 2024.

Phil Flynn, energy analyst with Chicago's Price Futures Group said, "Stability in the stock market and the supply squeeze in oil is giving us support."

Related News

Seoul presses Washington after Georgia raid on South Korean workers

Maduro warns of threats, urges 'battle for truth' to defend Venezuela

Oil was among the risk assets that soared on Wednesday, along with the US dollar and Treasury rates, as markets of varying value rallied as investors restored their risk appetite.

Most markets fell two days ago, in what some have dubbed "Black Monday 2.0" after the first Black Monday on October 19, 1987, when a worldwide stock plunge presaged one of the worst days in modern financial history.

The weekly crude decrease published by the US Energy Information Administration (EIA) contributed to Wednesday's increase in oil prices.

The EIA said that crude stocks declined by 3.728 million barrels for the week ending August 2, adding to the previous week's drop of 3.426 million barrels. US petroleum stockpiles have declined by more than 30 million barrels during the last six weeks, according to an official data tabulation.

Still, last week's crude drop was an aberration in an EIA report that showed inventory rises in fuel components such as gasoline and distillates.

The EIA reported a 1.34 million barrel increase in gasoline production for the week ending August 2, following a 3.665 million barrel loss the previous week. Gasoline is the principal motor fuel in the United States and accounts for the majority of the country's energy mix.

In distillates, the agency recorded an increase of 949,000 barrels on top of the previous week's rise of 1.534 million. Distillates are generally processed into diesel for vehicles, buses, and ships, but they are also used to produce aircraft fuel.

  • United States
  • Oil prices
  • Wall Street
  • Middle East
  • Brent crude oil

Most Read

The damaged building in the Katara neighborhood, Doha, Qatar, September 9, 2025 (Social media)

Hamas delegation survives Israeli assassination attempt in Qatar

  • Politics
  • 9 Sep 2025
Pro-"Israel" conservative Charlie Kirk shot during Utah speech

American far-right activist Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
President Nicolas Maduro gestures to supporters during the inauguration of a monument in China's honor on the 80th anniversary of the end of World War II, in Caracas, Venezuela, Wednesday, September 3, 2025 (AP)
Politics

Maduro warns of threats, urges 'battle for truth' to defend Venezuela

Damage is seen after an Israeli strike targeted a compound that hosted Hamas' political leadership in Doha, Qatar, Wednesday, Sept. 10, 2025. (AP Photo/Jon Gambrell)
Politics

Netanyahu informed Trump before deadly attack in Doha: Reports

Israeli Prime Minister Benjamin Netanyahu and US Secretary of State Marco Rubio hold a joint press conference at the Prime Minister's Office, during Rubio's visit, in occupied al-Quds, occupied Palestine, Monday, September 15, 2025 (AP)
Politics

Netanyahu warns of Israeli isolation, calls to boost self-reliance

Spain axes €700Mln arms deals with 'Israel' over Gaza genocide
Politics

Spain axes €700Mln arms deals with 'Israel' over Gaza genocide

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS