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Mixed signals on oil demand keep oil prices stable

Mixed signals on oil demand keep oil prices stable
Mixed signals on oil demand keep oil prices stable

Investors react to falling US supplies and reports of lower global demand.

Photo: Reuters

The prices of the Petroleum Oil prices were stable on Thursday, with Brent crude above $85 a barrel, as investors assess a more pessimistic view of demand growth from the US. the International Energy Agency (IEA) with signs of increased consumption in USA.

The Brent futures were up 21 cents, or 0.25%, at $85.29 a barrel at 09:38 GMT, while crude oil West Texas Intermediate in the United States (WTI) gained 13 cents, or 0.16 percent, to $82.23.

In its latest monthly report on the oil market, the IEA put global demand growth at its lowest level in more than a year, at 710,000 barrels per day (bpd) in the second quarter, driven mainly by the contraction in consumption in China.

The growth forecast of the global demand for Petroleum The IEA’s 2024 forecast was kept virtually unchanged at 970,000 bpd, while the 2025 forecast was cut by 50,000 bpd to 980,000 bpd.

In its monthly report on Wednesday, the OPEC kept its global oil demand growth forecasts for this year and next unchanged at 2.25 million bpd and 1.85 million bpd respectively.

Both Brent and WTI contracts rose on Wednesday, breaking a three-day losing streak, after a report from the Energy Information Administration (EIA) show a drop in crude oil and gasoline stocks in USA.

“The rebound is largely due to the continued drawdown of U.S. inventories, the EIA reported,” said Suvro Sarkar of DBS Bank to Reuters.

On the other hand, the day will be published the Consumer Price Index (CPI) of USAwhich could offer new clues about the health of demand. The Producer Price Index will be published on Friday.

Source: Ambito

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