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SINGAPORE (Reuters) – US stocks rose on Thursday because of tensions in the Middle East and a sharp weekly drop in crude oil inventories in the US, but gains eased worries about demand prospects that signs of a slowdown in global economic growth were strengthening.
Global crude futures rose 28 cents, or 0.4%, to $ 63.46 per barrel at 6:50 am GMT, after falling 1% on Wednesday night, the first decline in four sessions.
Standard futures on crude increased by 27 cents, or 0.5%, to $ 56.15 per barrel, following a 1.6% decline in the previous session.
Investors are worried that slowing global economic growth may weaken oil demand.
Following a series of downgrades in the oil market, FGI Energy Advisory has lowered its global oil demand growth forecast in 2019 to 740,000 bpd on average in 2019.
In exchange for these fears, tensions in the Middle East now occur after Iranian forces seized a British flag bearer in the Gulf last week.
At the same time, in the United States, crude oil dropped by about 11 million barrels last week to exceed badysts' expectations, which indicated a drop of four million barrels.
(Prepared by Moataz Mohamed for Arabic – edited by Abdel Moneim Darar)
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