LONDON (Reuters) – Oil prices are rising, recovering after three sessions of declines that had brought prices to their lowest since mid-March.
At around 12.40 pm, Brent futures for July gained 64 cents, or 0.77%, to 84.08 dollars a barrel. US West Texas Intermediate (WTI) crude oil for June rose 53 cents, or 0.67%, to $79.53.
Prices fell more than 3% yesterday, hitting seven-week lows, after the US Federal Reserve kept interest rates steady and warned of persistent inflation, which could dampen economic growth. this year and limit the increase in oil demand.
Supporting the recovery in prices are the ceasefire talks in the war between Israel and Hamas and the possibility that low prices will stimulate US government purchases of strategic reserves.
The United States had previously said it wanted to replenish the Strategic Petroleum Reserve (SPR) after a historic sell-off from emergency stockpiles in 2022 and to buy back oil at $79 a barrel or less.
(Translated by Chiara Scarciglia, editing by Stefano Bernabei)
