IPOS - Oil's Comeback: Middle East Turmoil Pumps Life Into 2024 Markets | Benzinga
After a sluggish close to 2023, oil prices are creeping higher in 2024 in response to the risks of an escalation of hostilities in the Middle East and Red Sea — crucial oil production and transportation regions.
So far in 2024, Nymex WTI, the benchmark for U.S. crude oil prices, is up nearly 8% at $77.30 a barrel, after slipping below $70 in December. European benchmark Brent crude is up 6% at $82.09.
The biggest exchange traded fund by assets under management, the United States Oil Fund (NYSE:USO) has climbed 9.2%.
Despite the ongoing conflict between Israel and Hamas and attacks on ships in the Red Sea by Houthi rebels, oil prices continued to decline throughout November and December, primarily due to weak demand in a market that was well-supplied.
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