U.S. Crude Rebounds 2%, Trading Above $67 After Sharp Sell-Off

September 12, 2024: Crude oil prices experienced a significant rebound on September 12, 2024, following a steep sell-off in the previous session. The price of West Texas Intermediate (WTI) crude oil rose by over 2%, trading above $67 per barrel.

The rebound in crude oil prices was driven by a combination of factors, including concerns about tight global supply and increased demand. Despite recent efforts by major oil-producing nations to increase production, global oil inventories remain relatively low. This has helped to support oil prices in recent months.

Additionally, there have been signs of increasing demand for crude oil, particularly in China, the world’s largest oil importer. The Chinese economy has shown signs of recovery in recent months, leading to increased demand for energy.

Geopolitical tensions have also supported the rebound in crude oil prices. Concerns about the ongoing conflict in Ukraine and the potential for disruptions to oil supplies have contributed to price volatility.

While the rebound in crude oil prices is encouraging, it remains to be seen whether the upward momentum can be sustained. Several factors could weigh on prices, including a slowdown in global economic growth, increased oil production, and decreased demand.

Also Read, AI Search Startup Glean Doubles Valuation in Altimeter-Led Round