Oil prices dip as demand worries outweigh Mideast supply fears

17-04-2024 10:09 AM

Ammon News - Oil prices extended losses on Wednesday as worries about global demand due to weak economic momentum in China and a likely rise in U.S. commercial stockpiles outweighed supply fears from heightened tensions in the Middle East.

Brent futures for June fell 40 cents, or 0.44%, to $89.62 a barrel by 0632 GMT, while U.S. crude futures for May fell 48 cents, or 0.56%, to $84.88 a barrel.

Oil prices have softened so far this week as economic headwinds pressured investor sentiment, curbing gains from geopolitical tensions, with market's eyeing on how Israel might respond to Iran's attack over the weekend.

WTI price movements in the short term are likely to be trapped in a sideways range between $83.20 and $87.70 due to conflicting factors such as China's disappointing retail sales in March and geopolitical risk premium still remaining intact, said OANDA senior market analyst Kelvin Wong.


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