On Thursday, crude oil prices experienced a downward trend as apprehensions mounted regarding the sluggish demand for gasoline in the United States. Additionally, reports indicating that the United States has presented a draft resolution to the United Nations (UN), urging Israel to cease fire in Gaza, further contributed to the decline in oil prices.
WTI crude futures dropped by 20 cents, or 0.25%, settling at $81.07 per barrel, while BRENT crude futures saw a decrease of 17 cents, or 0.2%, closing at $85.78 per barrel.
The US Energy Information Administration (EIA) disclosed that gasoline stocks diminished by 3.3 million barrels to 230.8 million barrels in the previous week. However, the delivery of gasoline products, a critical measure of demand for gasoline in the United States, plummeted to less than 9 million barrels.
In addition to concerns over gasoline demand, oil prices faced pressure from reports of the United States advocating for a UN resolution calling for a halt to the conflict in the Gaza Strip. This proposition aimed to facilitate the release of 40 Israeli hostages in exchange for hundreds of Palestinians detained in Israeli prisons.
Despite these factors, the decline in oil prices was relatively moderate. Investors continued to react to the outcomes of the US Federal Reserve (Fed) meeting held last Wednesday, wherein interest rates were maintained with signals indicating potential cuts three times within the year.
Furthermore, oil prices found support during the day from robust US economic data. The US Department of Labor reported a decrease of 2,000 in initial jobless claims, with figures falling to 210,000, below analysts’ estimates of 212,000.
The Spot Market is Open
Friday, March 22, 2024
| Energy Updated at | USD Price | Change | %Change |
| Crude Oil 07.15 | 80.89 | -0.18 | -0.22% |