Oil Prices Rise on Thursday

PUKMEDIA

Oil Prices.

Oil prices rose on Thursday, buoyed by renewed concerns over global supply and a significant legal decision in the United States.

West Texas Intermediate (WTI) crude increased to $62.91, up $1.07 or 1.73%, while Brent crude rose to $65.95, marking a gain of $1.05 or 1.62%.

The market responded positively to a US trade court ruling that overturned the majority of tariffs introduced during Donald Trump’s presidency. At the same time, global supply is under pressure. Chevron has halted operations in Venezuela following the revocation of its US licence, and attention is turning to OPEC+, which is expected to make a decision on production levels for July.

There are also concerns about fresh US sanctions targeting Russian oil, which could further restrict global supply.

With these developments unfolding, analysts anticipate continued market volatility and potential further price rises in the near term.



PUKMEDIA