{"id":40572,"date":"2024-05-02T21:16:24","date_gmt":"2024-05-02T21:16:24","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-increases-after-recording-lowest-3-price-plummet"},"modified":"2024-05-02T21:59:47","modified_gmt":"2024-05-02T21:59:47","slug":"oil-increases-after-recording-lowest-3-price-plummet","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-increases-after-recording-lowest-3-price-plummet","title":{"rendered":"Oil increases after recording lowest 3% price plummet"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Oil rose on Thursday after prices plummeted 3% to record the lowest closing price of the last seven weeks following the US Federal Reserve\u2019s (Fed) decision to keep interest rates unchanged on Wednesday.<\/p>\n

International benchmark Brent crude traded at $84.11 per barrel at 10.50 a.m. local time (0750GMT), an increase of 0.80% from the closing price of $83.44 per barrel in the previous trading session.<\/p>\n

American benchmark West Texas Intermediate (WTI) traded at $79.66 per barrel at the same time, a 0.83% rise from the previous session that closed at $79 per barrel.<\/p>\n

Reports on Thursday revealed that seven Palestinians were killed and several others injured on Wednesday in an Israeli airstrike targeting the city of Al-Zahra and the town of Al-Mughraqa north of the Nuseirat refugee camp in the central Gaza Strip.<\/p>\n

Although expectations of a ceasefire in the region put downward pressure on prices, Israel’s ongoing attacks in the region have halted this trend by once again fueling supply concerns.<\/p>\n

Meanwhile, concerns over disruptions to global supply routes through the Red Sea continue to impact oil prices. The Yemeni Houthi group is targeting Israeli or Israeli-linked vessels through the Red Sea, which the US is retaliating against.<\/p>\n

According to the United States Central Command (CENTCOM), the US destroyed an uncrewed surface vessel (USV) in an area of Yemen controlled by the Houthi group on Tuesday.<\/p>\n

Data released by the US Energy Information Administration (EIA) late on Wednesday limited further price rises and signaled weak demand in the US, the world\u2019s largest oil consumer.<\/p>\n

US commercial crude oil stocks rose by about 7.3 million barrels to 460.9 million barrels, compared to the market prediction of a fall of around 2.3 million barrels.<\/p>\n

Additionally, the US Fed’s decision to keep the policy rate in a range of 5.25% to 5.5%, the same level it has held since its July 2023 meeting, put downward pressure on oil prices.<\/p>\n

The possibility of a rate cut would limit further price increases, as generally high interest rates boost the value of the US dollar, making oil more expensive for holders of other currencies.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Oil rose on Thursday after prices plummeted 3% to record the lowest closing price of the last seven weeks following the US Federal Reserve\u2019s (Fed) decision to keep interest rates unchanged on Wednesday. International benchmark Brent crude traded at $84.11 per barrel at 10.50 a.m. local time (0750GMT), an increase of 0.80% […]<\/p>\n","protected":false},"author":84,"featured_media":40570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,245,2704,241,2705,2721],"class_list":["post-40572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mauritius","tag-brent","tag-mauritius","tag-oil","tag-west-texas-intermediate"],"yoast_head":"\nOil increases after recording lowest 3% price plummet - Mauritius<\/title>\n<meta name=\"description\" content=\"Oil rose on Thursday after prices plummeted 3% to record the lowest closing price of the last seven weeks following the ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-increases-after-recording-lowest-3-price-plummet\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil increases after recording lowest 3% price plummet\" \/>\n<meta property=\"og:description\" content=\"Oil rose on Thursday after prices plummeted 3% to record the lowest closing price of the last seven weeks following the ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-increases-after-recording-lowest-3-price-plummet\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-02T21:16:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-02T21:59:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2024\/05\/sm_1714670755.576246.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-increases-after-recording-lowest-3-price-plummet#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-increases-after-recording-lowest-3-price-plummet\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil increases after recording lowest 3% price plummet\",\"datePublished\":\"2024-05-02T21:16:24+00:00\",\"dateModified\":\"2024-05-02T21:59:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-increases-after-recording-lowest-3-price-plummet\"},\"wordCount\":359,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-increases-after-recording-lowest-3-price-plummet#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2024\/05\/sm_1714670755.576246.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mauritius\",\"Brent\",\"Mauritius\",\"oil\",\"West Texas Intermediate\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-increases-after-recording-lowest-3-price-plummet#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-increases-after-recording-lowest-3-price-plummet\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-increases-after-recording-lowest-3-price-plummet\",\"name\":\"Oil increases after recording lowest 3% price plummet - 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