Oil rises 1% as market weighs disappointing economic data against geopolitical risk [MSNBC.com]
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Source: MSNBC.com
A view of oil-well in action during sunset at Elk Hills Oil Field as gas prices on the rise in California, United States on April 14, 2024.Tayfun Coskun | Anadolu | Getty ImagesCrude oil futures rose Thursday as the market weighed disappointing U.S. economic growth against a potential geopolitical risk from a looming Israeli invasion of the southern Gaza city of Rafah.The GDP data subdued prices earlier in the session, but traders realize the oil market is tight and the situation in the Middle East remains foggy, said Manish Raj, managing director of Velandera Partners.Traders are also closing out their short positions after a two-week rollercoaster ride of price volatility, Raj said.In the Middle East, Israel is launching airstrikes on Rafah as the country makes preparations to invade the city, despite warnings from allies that such an operation would compound the humanitarian crisis in Gaza.Here are Thursday's closing energy prices:Oil prices closed lower Wednesday as Goldman Sachs
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