Oil steadies, weighed down by predicted surplus amid weak demand

Home Business Oil steadies, weighed down by predicted surplus amid weak demand 23-07-2024 10:00 AM Ammon News - Oil prices steadied on Tuesday after falling for the past two sessions, as investors remained cautious amid expectations of plentiful supplies and weak demand, while brushing off the U.S. presidential campaign upheaval. Brent crude futures for September rose 11 cents to $82.51 a barrel by 0645 GMT. U.S. West Texas Intermediate crude for September climbed 5 cents to $78.45 per barrel. Traders mostly ignored U.S. President Joe Biden's decision to call off his reelection bid and endorse Vice President Kamala Harris on Sunday. Citi analysts said they believed neither Harris nor Republican nominee Donald Trump would promote policies that would greatly affect oil and gas operations. The American Petroleum Institute, a trade group, is due to release its estimates for last week's oil inventories on Tuesday, while official U.S. government data is scheduled to land on Wednesday. A preliminary Reuters poll of six analysts estimated that U.S. crude stocks, on average, fell by 2.5 million barrels in the week to July 19, while gasoline stocks likely dropped by 500,000 barrels. Reuters

Home Business

Oil steadies, weighed down by predicted surplus amid weak demand

23-07-2024 10:00 AM

Ammon News - Oil prices steadied on Tuesday after falling for the past two sessions, as investors remained cautious amid expectations of plentiful supplies and weak demand, while brushing off the U.S. presidential campaign upheaval.

Brent crude futures for September rose 11 cents to $82.51 a barrel by 0645 GMT. U.S. West Texas Intermediate crude for September climbed 5 cents to $78.45 per barrel.

Traders mostly ignored U.S. President Joe Biden's decision to call off his reelection bid and endorse Vice President Kamala Harris on Sunday. Citi analysts said they believed neither Harris nor Republican nominee Donald Trump would promote policies that would greatly affect oil and gas operations.

The American Petroleum Institute, a trade group, is due to release its estimates for last week's oil inventories on Tuesday, while official U.S. government data is scheduled to land on Wednesday.

A preliminary Reuters poll of six analysts estimated that U.S. crude stocks, on average, fell by 2.5 million barrels in the week to July 19, while gasoline stocks likely dropped by 500,000 barrels.

Reuters

no comments

Notice

All comments are reviewed and posted only if approved.
Ammon News reserves the right to delete any comment at any time, and for any reason, and will not publish any comment containing offense or deviating from the subject at hand, or to include the names of any personalities or to stir up sectarian, sectarian or racial strife, hoping to adhere to a high level of the comments as they express The extent of the progress and culture of Ammon News' visitors, noting that the comments are expressed only by the owners.

name : *
email
	show email
comment : *
Verification code :	Refresh write code :