NEW DELHI: Oil prices rose on Thursday, rebounding from three days of losses, on expectations the lower levels may prompt the US, the world’s biggest crude consumer, to start replenishing its strategic reserve, putting a floor under prices, according to Reuters.

Still, prices fell more than 3 percent on Wednesday to a seven-week after the US Federal Reserve kept interest rates steady, which may curtail economic growth this year and limit oil demand increases.

Crude was also pressured by an unexpected increase in US crude inventories and signs of an impending Israel-Hamas ceasefire that would ease Middle East supply concerns.

Brent crude futures for July gained 58 cents, or 0.7 percent, to $84.02 a barrel by 9:33 a.m. Saudi time on Thursday. US West Texas Intermediate crude for June climbed 53 cents, or 0.7 percent, to $79.53 a barrel.

“The oil market was supported by speculation that if WTI falls below $79, the US will move to build up its strategic reserves,” said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.

The US has said it aims to replenish the Strategic Petroleum Reserve after a historic sale from the emergency stockpile in 2022 and wants to buy back oil at $79 a barrel or less.

In the Middle East, expectations grew that a ceasefire agreement between Israel and Hamas could be in sight following a renewed push led by Egypt.

Still, Israeli Prime Minister Benjamin Netanyahu has vowed to go ahead with a long-promised assault on the southern Gaza city of Rafah despite the US position and a UN warning that it would lead to “tragedy.”

“As the impact of the US crude stock-build and the Fed signalling higher-for-longer rates is close to being fully baked in, attention will turn toward the outcome of the Gaza talks,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.

“As long as the latest bout of optimism over a ceasefire sustains, I expect a continued downside bias in crude,” Hari added.

The US Energy Information Administration said crude inventories rose by 7.3 million barrels to 460.9 million barrels in the week ended April 26, compared with analysts’ expectations in a Reuters poll for a 1.1 million-barrel draw.

Crude stocks were at the highest point since June, the EIA said.

The US Federal Reserve held interest rates steady on Wednesday and signalled it is still leaning toward eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings.

Any delay in rate cuts could slow economic growth and dampen demand for oil.

Still, continuing supply reductions by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will support prices.

Analysts at Citi Research expects OPEC+ to hold output cuts through the second half of the year as it meets on June 1.

However, “if prices move to a bull case $90-100+ range, OPEC+ would likely ease cuts, providing a soft ceiling for oil,” they said in a note.

ISLAMABAD: The Pakistan Cricket Board (PCB) on Thursday announced the 18-player squad for the upcoming T20I series against Ireland and England & Wales beginning on May 10 and continuing till the end of the month.
According to a PCB statement, the squad will be reduced to 15 players for next month’s ICC Men’s T20 World Cup 2024 after the first T20I at Leeds on 22 May to meet the ICC’s 24 May deadline.
The men’s national selection committee has recalled fast bowler Haris Rauf, along with all-rounders Hasan Ali and Salman Ali Agha, in the 18-player squad.
The two cricketers who did not make the cut from the original 17-player squad that faced New Zealand are wrist spinner Usama Mir and fast bowler Zaman Khan.
“Crafting this squad was a challenging task due to the outstanding talent available,” the PCB selection committee was quoted in the statement. “After thorough deliberation and considering various cricketing aspects, we have finalized 18 players.”
“The squad encompasses a robust top-order featuring Babar Azam, Fakhar Zaman, Mohammad Rizwan, Saim Ayub and Usman Khan; an effective middle-order with Azam Khan, Iftikhar Ahmed and Muhammad Irfan Khan; versatile all-rounders in Imad Wasim, Shadab Khan and Salman Ali Agha; a pace battery led by Mohammad Abbas Afridi, Mohammad Amir, Naseem Shah, Haris Rauf, Hasan Ali and Shaheen Shah Afridi; and the spin prowess of Abrar Ahmed,” it continued.
“We understand Usama and Zaman will be disappointed and they should be as they must be looking ahead to the tours of Ireland and England,” the statement added. “They are quality cricketers and have long careers ahead of them. They need to continue to focus on their cricket so that they are available, if required.”
Haris Rauf and wicketkeeper-batter Azam Khan were sidelined for the New Zealand T20Is due to injuries, while middle-order batter Muhammad Irfan Khan and wicketkeeper-batter Mohammad Rizwan were rested from the two T20Is in Lahore due to niggles.
The four cricketers underwent fitness assessments at the National Cricket Academy on Tuesday afternoon, showing significant improvement.
The team is scheduled to depart for Dublin on May 7 following a three-day training camp in Lahore.