Oil reports weekly gain as Middle-East conflict offsets IEA's sluggish demand forecast; Brent settles at $83/bbl
Also Read: Oil remains range-bound as rate cut hopes fade away: Here's how US Fed policy decision affects prices Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a March 19 expiry, last settled 0.03 per cent higher at ₹6,484 per bbl, having swung between ₹6,381 and ₹6,518 per bbl during the session, against a previous close of ₹6,482 per barrel. On Thursday, Hezbollah said it fired dozens of rockets at a northern Israeli town in a "preliminary response" to the killing of 10 civilians in southern Lebanon, the deadliest day for Lebanese civilians in four months of cross-border hostilities. The oil market's reaction to news from the Middle East was moderate, according to analysts.
Gaza's largest functioning hospital was under siege in Israel's war with Islamist group Hamas, as warplanes struck Rafah, the last refuge for Palestinians in the enclave, officials said. Threats persisted in the Red Sea after a missile fired from Yemen struck an India-bound tanker carrying crude oil. US producer prices increased more than expected in January amid strong gains in the costs of services, which could amplify inflation worries.
Still, a slump in retail sales prompted hopes the Fed will soon start cutting rates, which could support oil demand. -The IEA said global oil demand growth was losing momentum and trimmed its 2024 growth forecast. The agency expects global oil demand growth to decelerate to 1.22 million barrels per day (bpd) in 2024, about half of the growth seen last year, in part due to a sharp slowdown in Chinese consumption.
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