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Brent Rises on Middle East War Jitters, While WTI Dips Ahead of Inventories Report

An aerial view shows Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo Purchase Licensing Rights
An aerial view shows Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo Purchase Licensing Rights
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Brent Rises on Middle East War Jitters, While WTI Dips Ahead of Inventories Report

An aerial view shows Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo Purchase Licensing Rights
An aerial view shows Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo Purchase Licensing Rights

Brent crude futures edged up in early trade on Thursday as Israeli tanks advanced into Gaza, while US crude futures dipped on the prospect of swelling oil inventories.

Brent crude futures for August delivery rose 8 cents to $85.15 a barrel by 0008 GMT. US West Texas Intermediate crude for June was down 27 cents, or 0.3%, to $81.30 per barrel.

A US federal holiday, Juneteenth, kept trading activity subdued.

Israeli troops, backed by tanks, warplanes and drones, moved farther into the Gaza Strip city of Rafah on Wednesday, killing eight people, residents and Palestinian medics said.

Escalating war in the Middle East supports prices as a wider conflict could disrupt oil supply from the region, according to Reuters.

WTI crude, meanwhile, slipped ahead of the US government's oil inventories report, which was delayed by a day due to the national holiday. The Energy Information Administration is due to release last week's oil stocks data at 11 a.m. EDT (1500 GMT) on Thursday.

An industry report release on Tuesday showed US crude stocks rose by 2.264 million barrels in the week ended June 14, market sources said, citing American Petroleum Institute figures, while gasoline inventories fell.

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European Companies Signing More than $42 Bln Worth of Deals in Egypt

European Commission President Ursula von der Leyen pauses before speaking during a media conference at EU headquarters in Brussels, on June 20, 2023. (AP)
European Commission President Ursula von der Leyen pauses before speaking during a media conference at EU headquarters in Brussels, on June 20, 2023. (AP)
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European Companies Signing More than $42 Bln Worth of Deals in Egypt

European Commission President Ursula von der Leyen pauses before speaking during a media conference at EU headquarters in Brussels, on June 20, 2023. (AP)
European Commission President Ursula von der Leyen pauses before speaking during a media conference at EU headquarters in Brussels, on June 20, 2023. (AP)

European Commission chief Ursula von der Leyen said on Saturday European companies were signing more than 20 new deals or MOUs worth a total of more than 40 billion euros ($42.85 billion) at the Egypt-EU Investment Conference, Reuters reported.
The joint Investment Forum, which takes place in Cairo on 29th and 30th of June, is a first key deliverable of the Egypt-EU Strategic and Comprehensive Partnership agreed by the presidents of the EU and Egypt, Abdel Fattah al-Sisi, in March 2024.
The Partnership covers political relations, economic stability, investments and trade, migration and mobility, security and demography, and human capital.

The Conference will bring together some 1,000 participants, including Egyptian and EU Ministers, senior officials, European financial institutions and CEOs from a wide range of sectors from both the EU and Egypt.