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(28 Jun 2024, 16:58)

Crude scales up nearly 7% this month


WTI Crude oil futures rose above $82 per barrel today, marking a third consecutive weekly gain following escalating conflict in the Middle East which overshadowed demand-side uncertainties. Investors are now focused on upcoming US PCE inflation data for clues on future Federal Reserve rate cuts. Escalating conflict between Israel and Hezbollah has increased market volatility, with potential involvement from Iran. Turkish President Erdogan has shown support for Lebanon, further heightening tensions. The international oil prices are up over 7% in June.

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