Oil prices rose on Thursday, rebounding from losses over the course of three days, fueled by expectations that the decrease in oil inventories in the United States, the world’s largest consumer of crude, would lead to the start of replenishing its strategic reserves, thereby setting a lower limit for prices.
However, prices fell more than three percent on Wednesday after the Federal Reserve kept interest rates steady, which could limit economic growth this year and curb increases in oil demand.
Additionally, crude oil is under pressure due to geopolitical reports, which could alleviate concerns about Middle East supplies. The United States aims to replenish its strategic oil reserves after a historic sale of emergency stockpiles in 2022, and it seeks to repurchase oil at $79 per barrel or less.
