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HomeNewsOil Prices Decline Despite Weekly Gains, Market Eyes U.S. Economic Data

Oil Prices Decline Despite Weekly Gains, Market Eyes U.S. Economic Data

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Singapore, August 16 (FFN) – Oil prices dipped on Friday morning, but they are still on track for a weekly gain, marking the second consecutive week of growth. Updated economic data from the U.S. at the end of the week has eased investor concerns about a potential recession in the world’s largest oil consumer.

A barrel of West Texas Intermediate (WTI) crude oil for September delivery was trading at $77.76 at 7:11 AM CEST, down by 40 cents or 0.51%, compared to the previous day’s close. The October contract for Brent crude fell by 31 cents or 0.38% to $80.73 per barrel.

Positive economic reports from the U.S., including a 1% increase in retail sales in July, significantly above the market’s forecast of 0.3%, have helped alleviate recession fears. Additionally, last week saw a decrease in the number of new jobless claims, indicating a stabilizing labor market.

However, the growth in oil prices is being tempered by mixed signals regarding demand in the U.S. and China. U.S. oil inventories saw a surprising increase earlier this week, while Chinese refineries, the world’s largest oil importer, sharply reduced their processing rates last month due to weak fuel demand.

Oil Price Summary – August 16

CommodityPriceChangeTime (CEST)
West Texas Intermediate (WTI)$77.76 per barrel-$0.40 (-0.51%)7:11 AM
Brent Crude$80.73 per barrel-$0.31 (-0.38%)7:11 AM

Key Economic Indicators

Economic IndicatorLatest DataMarket Expectation
U.S. Retail Sales (July)+1.0%+0.3%
New U.S. Jobless Claims (Last Week)DecreasedN/A
U.S. Oil InventoriesUnexpected IncreaseN/A
China Refinery Activity (July)Significant DeclineN/A

(1 EUR = 1.1011 USD)

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