Oil futures hold on to the previous day's gains with attempts at a move lower held back by increased geopolitical risk premium on reports that Ukraine fired U.S.-supplied long-range missiles into Russia days after the U.S. authorized their use, raising concerns of an escalation in the conflict.
Bearish views of the global supply and demand situation continue to cap rallies. "With China finding it difficult to get back on a growth trajectory north of 5% and the U.S. and Europe undergoing a cyclical slowdown, crude oil demand in 2024 and 2025 is set to grow at barely half of the 2 million b/d pace seen over the 2022-2023 post-pandemic period," TD Securities says in a report. WTI settles up 0.3% at $69.39 a barrel, and Brent is flat at $70.31 a barrel.
Source : Dow Jones Newswires
