Singapore, July 4 (Financeflashnews) – Oil prices fell on Thursday morning as investors remained cautious amid signs of weakening demand in the United States, the world’s largest oil consumer.
Table: Oil Prices as of July 4, 2024 (USD/barrel)
| Crude Oil | Price | Change from Previous Close |
|---|---|---|
| Brent (September) | 86.89 | -0.45 (-0.52%) |
| WTI (August) | 83.36 | -0.52 (-0.62%) |
Reasons for the Price Decline:
- Weak US employment data: The number of new US jobless claims rose, and the unemployment rate hit a 2.5-year high. This suggests that the US economy may be slowing down, which could lead to lower demand for oil.
- Softening US services sector activity: An Institute for Supply Management (ISM) survey showed that US services sector activity unexpectedly slowed in June. This is another sign of a weakening US economy.
- Expectations of rising inventories: Analysts expect US oil inventories to rise this week, which could put downward pressure on prices.
Outlook:
Oil prices are likely to remain volatile in the near term, depending on economic data and geopolitical developments. Investors will be watching closely for US oil demand data, as well as any news of supply disruptions.
Note:
- 1 EUR = 1.0758 USD (as of July 4, 2024)
