Market News

Oil prices rose on Thursday morning, as investors looked past concerns about oversupply and economic growth.

Brent crude futures (BZ=F) climbed 0.5% to $65.15 a barrel, while West Texas Intermediate futures (CL=F) declined 0.3% at $63.04 a barrel.

Earlier on Thursday morning, Hargreaves Lansdown senior equity analyst Matt Britzman said oil prices had "weighed down by growing concerns of a global oversupply".

"Saudi Arabia is pushing for a major increase in oil production and has slashed prices for Asian buyers, signalling weaker demand," he said.

The July price cut by Saudi Arabia, which is the world's biggest oil exporter, comes after the decision from the Organization of the Petroleum Exporting Countries and their allies — known as OPEC+ — over the week to increase output next month.

In addition, Britzman said "ongoing trade tensions are adding to market uncertainty". There are concerns that a slowdown in the global economy due to US president Donald Trump's tariff agenda would weigh on demand for fuel.