Oil prices were largely unchanged in early Asian trade on Wednesday as hopes for higher demand in the developing world and supply cuts by the world's biggest oil exporters offset fears of an economic downturn driving up U.S. crude stockpiles.
Brent futures slipped 4 cents, to $79.36 a barrel by 0015 GMT while U.S. West Texas Intermediate crude fell 1 cent to settle at $74.82.
Keeping a lid on prices, U.S. crude inventories rose by about 3 million barrels in the week to July 7, according to market sources citing American Petroleum Institute industry figures. Analysts polled by Reuters had expected a 500,000-barrel rise in crude stocks. If confirmed in data from the Energy Information Administration later on Wednesday, it would be the first crude stock build in four weeks and compares with an increase of 3.3 million barrels in the same week last year and a five-year average decrease of 6.9 million barrels.
In the previous session, oil rose about 2%, boosted by a falling U.S. dollar and forecasts for global demand for petroleum to increase.in the second half of 2023, citing strong demand from China and developing countries combined with recently announced supply cuts, including by top exporters Saudi Arabia and Russia.on Tuesday projected demand would outpace supply by 100,000 barrels per day in 2023 and by 200,000 bpd in 2024.
Markets were awaiting U.S. inflation data on Wednesday for clues on the interest rate outlook. Higher rates can slow economic growth and reduce oil demand.Reports on oil and energy, including refineries, markets and renewable fuels. Previously worked at Euromoney Institutional Investor and CNN.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Asian Stock Market: Remains mixed amid sheer fall in China’s PPI, oil correctsMarkets in the Asian domain have shown a decent recovery on Monday despite a sheer slowdown in China’s consumer and Producer Price Index (PPI) and wag
Leer más »
Oil prices fall, gold steady in Asian tradeOil prices decline in early Asian trade as investors await economic data from the US and China, while gold showed minimal movement amid concerns over the labour market’s strength following US jobs data
Leer más »
Crude Oil Futures: Corrective decline on the cardsOpen interest in crude oil futures markets dropped for the second session in a row on Friday, now by more than 10K contracts according to preliminary
Leer más »
Crude Oil Futures: Scope for further gainsCME Group’s flash data for crude oil futures markets noted traders scaled back their open interest positions for the third consecutive session at the
Leer más »
WTI crude oil prices surge on supply cuts, weaker USD ahead of US inflation reportWestern Texas Intermediate (WTI), the US crude oil benchmark, advances sharply more than 1.70% or $1.30 per barrel on Tuesday, spurred by supply cuts
Leer más »
Iraq to trade crude oil for Iranian gas to settle power debt -PMIraq will begin trading crude oil for Iranian gas to end the recurring issue of payment delays to Tehran due to the need for U.S. approval, Iraqi Prime Minister Mohammed Shia Sudani said on Tuesday.
Leer más »