Crude Markets Find Support in Dual Catalysts

Oil prices consolidated recent gains on Thursday, drawing strength from a combination of surprisingly resilient U.S. economic growth figures and renewed geopolitical tensions surrounding Venezuelan supply. The bullish indicators provided a floor for the market, countering broader concerns about demand.

U.S. GDP Data Defies Recession Fears

The U.S. Commerce Department's advance estimate showed the economy grew at a 2.4% annualized rate in the second quarter, surpassing economist forecasts. This robust performance, indicating sustained fuel demand from the world's largest oil consumer, helped offset anxieties about potential demand destruction from prolonged monetary tightening.

Venezuela Sanctions Deadline Looms

Concurrently, the market is closely monitoring developments in Venezuela. The U.S. government's temporary license allowing certain oil transactions with the South American nation is set to expire in October. Traders are assessing the risk of renewed supply disruptions should Washington decide not to renew the sanctions relief, which could remove hundreds of thousands of barrels per day from the global market.

  • Brent crude futures held above $83 per barrel.
  • West Texas Intermediate (WTI) traded near $79.
  • The market structure indicates tightening near-term supply.

Analysts suggest the current price support reflects a delicate balance between fundamental economic strength and geopolitical uncertainty, setting the stage for volatile trading in the coming weeks.