Crude prices rebound; utilities outperform (Il Sole 24 Ore Radiocor) - Milan, 11 Jul - The French election results came after a general election in the UK last week that saw the opposition Labour Party win a landslide victory as expected, ending 14 years in power for the Conservative Party.

Oil prices were lifted by strong demand figures from the US Energy Information Administration, falling production from OPEC and ongoing conflicts in the Middle East.

Global oil demand in 2024 is seen rising 970,000 barrels per day (b/d) and accelerating to 980,000 b/d in 2025 as subpar economic growth, greater efficiencies and vehicle electrification act as headwinds, the International Energy Agency said in its latest Oil Markets Report.

Crude prices fell earlier this week, retreating from their highest levels in seven weeks after posting strong gains in June.

In European stock market dealings most sectors were muted, with utilities shares leading the gains.

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(RADIOCOR) 11-07-24 13:34:02 (0345) 5 NNNN