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Oil Prices Rebound After Sharp Decline
Oil prices rose in Asian markets on Wednesday, recovering from the previous session's 4% drop. The decline followed reports of the Lebanese group Hezbollah seeking a ceasefire with Israel, hinting at possible de-escalation in the ongoing Middle East conflict.
U.S. Inventory Surge Limits Gains
Despite the recovery, oil prices faced pressure due to a significant build in U.S. oil inventories. The American Petroleum Institute (API) reported a 10.9 million barrels increase, far exceeding expectations of 1.95 million barrels. This raised concerns over weakening U.S. fuel demand, especially in the wake of hurricanes affecting the mid-South.
Hurricane Milton and Oil Supply Concerns
Traders also monitored Hurricane Milton, a category-5 storm expected to make landfall in Florida. While the hurricane is unlikely to impact Gulf of Mexico oil operations, any potential disruptions are being closely watched.
Middle East Conflict Remains a Key Factor
The Middle East conflict continues to influence oil prices. Reports of a potential ceasefire between Hezbollah and Israel could ease concerns over oil supply disruptions. However, tensions remain high, with the possibility of further escalations in the region.
Conclusion
Oil prices are reacting to a combination of U.S. inventory data, global supply concerns, and geopolitical tensions. While prices saw a slight recovery, market volatility is expected to continue in the near term.
