On Thursday, futures for Brent crude oil for March delivery rose to $77.38 per barrel during trading, UNN reports citing trading data.
According to Bloomberg, as of 8:49 a.m., the price of Brent crude oil futures rose by 0.76%.
At the same time, the price of February futures for WTI rose to $71.90 per barrel, adding 0.74%.
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Oil prices rose on Thursday amid fears of an escalating conflict in the Middle East with more attacks on Gaza and shipping in the Red Sea, even as an unexpected increase in US oil inventories limited growth, Reuters reports.
On Wednesday, prices declined after an unexpected jump in US crude stockpiles sparked demand concerns in the world's largest oil market. But market turmoil resumed after Yemen-based Houthis launched the largest attack on commercial shipping lanes in the Red Sea on Wednesday.
"Oil prices seem to be in a state of indecision this week as market participants try to digest a confluence of factors," said Yip Jun Rong, market strategist at IG, pointing to geopolitical tensions in the Middle East, conflicting US inventory reports and slow global growth.
Today, all attention is focused on inflation data in the US, which will influence the opinion on when the Federal Reserve may cut interest rates.
"Oil prices may have support above $70 until we see more data that demonstrates increased downward pressure on the economy," said Leon Lee, an analyst at CMC Markets.
Looking ahead, China's customs administration will publish trade data for December on Friday, which will give a picture of overall demand from the world's largest oil buyer for the entire year.
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