On Thursday, oil prices rose in early Asian trade on concerns about reduced supply as major producers continue to implement output cuts. Additionally, signs of stronger economic growth in the US, the world’s largest oil consumer, also contributed to the rise in prices. Brent June futures and US West Texas Intermediate (VTI) May futures both rose, with the June Brent contract and the May VTI contract rising over the past four days.

The rise in oil prices can be attributed to a variety of factors. Ukrainian attacks on Russian refineries have affected fuel supplies and contributed to concerns about potential disruptions in the Middle East region due to the conflict between Israel and Hamas. Russia announced a shift to production restrictions rather than export restrictions at a meeting of top ministers from OPEC and its allies on Wednesday.

Federal Reserve Chairman Jerome Powell’s cautious approach to future interest rate hikes was also positive for oil prices as it pointed to strong economic growth in the US. In addition, Iran’s vow of revenge against Israel for a recent attack added to concerns about supply disruptions as Iran is a significant producer within OPEC.

By Samantha Johnson

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