Oil prices rise, Brent hits $76.95 a barrel

Oil prices rose in early Asian trading on Thursday, as a result of increased demand for fuel amid a major storm in Florida, USA, and amid concerns about possible supply disruptions from the Middle East. Brent crude futures rose 37 cents, or 0.5 %, to $76.95 a barrel. West Texas Intermediate crude futures rose 35 cents, or 0.5 %, to $73.59 a barrel. The US Energy Information Administration recently lowered its demand forecast for 2025 due to weak economic activity in China and North America. Data from the EIA showed yesterday, Wednesday, that crude inventories jumped 5.8 million barrels to 422.7 million barrels last week. Source: National Iraqi News Agency