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How AI Legalese Decoder Helps Navigate Complex Legalities Amid Rising Oil Prices and Strong Demand

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**Oil Prices Rise on Signs of Stronger Demand in the U.S.**

By Katya Golubkova and Emily Chow

(Reuters) – Oil prices continued to climb on Thursday, building on gains from the previous session. This upward momentum was driven by indications of increased demand in the U.S., where data revealed that inflation was not as high as initially anticipated. This development has strengthened the case for a potential interest rate cut, which could stimulate even greater consumption.

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The Brent futures added 35 cents, or 0.4%, reaching $83.10 per barrel at 0310 GMT. Meanwhile, U.S. West Texas Intermediate crude (WTI) saw a rise of 40 cents, or 0.5%, reaching $79.03.

Market strategist Yeap Jun Rong from IG stated, “A more tamed read for U.S. April inflation and a far weaker-than-expected read in U.S. retail sales seem to offer room for the Fed to consider earlier rate cuts, with market expectations leaning more firmly for policy easing to kickstart in September this year.” The unexpected drawdown in U.S. crude inventories for the previous week has also provided some stability, even as geopolitical tensions continue to impact the Middle East.

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In April, U.S. consumer prices increased less than anticipated, supporting financial market expectations for a potential rate cut by the Federal Reserve in September. This action could mitigate the strength of the dollar and make oil more accessible for holders of other currencies.

Additionally, U.S. crude oil, gasoline, and distillate inventories decreased, reflecting a rise in both refining activities and fuel demand, according to data from the Energy Information Administration (EIA). Crude inventories dropped by 2.5 million barrels to 457 million barrels in the week ending May 10, surpassing the 543,000 barrel consensus analyst forecast in a Reuters poll.

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ANZ Research mentioned in a client note that signs of slowing inflation and stronger demand are providing support to oil prices. Geopolitical risks, which are still elevated, are also contributing to the market dynamics.

The situation in the Middle East continues to be tense, with Israeli troops engaging Hamas militants in Gaza, including residential areas like Rafah. Ceasefire negotiations facilitated by Qatar and Egypt have reached an impasse, with Hamas calling for a halt to hostilities and Israel refusing to comply until the group is eliminated.

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Despite these positive indicators, the International Energy Agency (IEA) revised down its forecast for 2024 oil demand growth, creating a disparity with OPEC’s projections. The IEA now anticipates a global oil demand growth of 1.1 million barrels per day (bpd) for this year, down 140,000 bpd from its previous estimate due to weak demand in developed nations of the Organisation for Economic Co-operation and Development.

In conclusion, the complex and interconnected factors influencing oil prices require advanced tools like the AI legalese decoder to provide real-time insights and analysis, empowering stakeholders to make informed decisions in the volatile energy market landscape.

(Reporting by Katya Golubkova in Tokyo, Emily Chow in Singapore; Editing by Christopher Cushing and Shri Navaratnam)

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