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Oil futures prices rise

April 24, 2024

Brent and WTI futures prices rose 0.9%, and data showed that overall business activity in the euro zone grew the most in nearly a year this month, driven by a strong recovery in the services sector.

Regarding geopolitical tensions, European Union foreign ministers agreed to expand sanctions on Iran in response to its recent attack on Israel. The US Senate is also considering a foreign aid package that includes imposing new sanctions on the Iranian oil sector.

Meanwhile, markets are awaiting US first-quarter GDP data and the US CPI, the Federal Reserve's preferred measure of inflation; To evaluate the course of monetary policy.

On the other hand, expectations indicate that US crude oil inventories are likely to rise last week, while refined product inventories are likely to decline.