Oil rises nearly 2% on upbeat US economic data

Quick Summary:

Oil prices gained more than US$1 a barrel on Thursday after US economic data allayed fears of recession in the world's biggest economy, although the rally was limited by concerns of slower global demand.

Russia said on Thursday it would beef up border defences, improve command and control and send in additional forces, days after Ukraine made the biggest attack on its sovereign territory since World War Two.

"Geopolitics and the risk of an expanding conflict in the Middle East are propping up prices, as the threats of retaliation continue to grow louder," said Tim Snyder, chief economist at Matador Economics.

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Category: EconomyBusiness

Markets: MalaysiaChinaQatarUkraine

Topics: RussiaUkraine MiddleEastConflict Commodities BrentCrude USEconomy CrudeFutures GeopoliticalTensions OilPrices /Business/

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-16 @ 06:23:00 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 433 words

Reading Time: 3 minutes read

Sentences: 20 lines

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Copyright Owner: © The Star

News ID: 22090389

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