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Oil: Prices Fall on Expectations of Weakening US Demand

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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 OilPriceChange 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)
Marian Balčákhttps://financeflashnews.com/
This article was written by Marian Balčák, a member of the Financeflashnews editorial team. We strive to provide you with accurate and up-to-date information from the world of finance and investment. If you find any errors in the article, please let us know at corrections@financeflashnews.com. Your feedback is valuable to us and will help us improve the quality of our content.

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