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Crude oil prices continued their upward march on Thursday, with WTI crude holding firmly above $75 per barrel. The U.S. benchmark has now risen for three consecutive days, shrugging off recession fears that had temporarily dragged it to six-month lows earlier this week.
The rebound has been fueled by a sixth straight weekly drop in U.S. crude inventories, signaling resilient demand. Positive labor market data, with weekly jobless claims declining, also boosted the demand outlook.
However, geopolitical risks are simmering in the Middle East. Several airlines have canceled flights to Israel amid rising tensions with Iran over the assassination of a Hamas leader in Tehran. While the situation bears watching, analysts note the conflicts have not yet meaningfully disrupted crude flows from the region.
For now, the oil market appears focused on the improving economic data and supply tightness rather than geopolitics. WTI crude traded around $75.50 on Thursday, while Brent crude hovered near $78.50 per barrel. Gasoline futures also ticked higher.
How Investors Can Benefit
With oil prices on the rise, investors have several potential ways to capitalize:
- Energy Stocks/ETFs - Consider buying shares of major oil producers, refiners or energy ETFs that will benefit from higher crude prices.
- Oil Services - Look at oilfield services stocks leveraged to more drilling/fracking activity.
- Oil Futures/Options - Speculate directly by trading oil futures contracts or call options.
- MLPs/Midstream - Midstream companies like MLPs could see higher volumes from increased production.
- Secondary Plays - Suppliers like steel makers or fracking sand providers often benefit from more energy activity.
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