Oil falls 1.5%, ends week lower on China demand fears

Home Business Oil falls 1.5%, ends week lower on China demand fears 27-07-2024 02:38 PM Ammon News - Oil futures fell about 1.5% on Friday, finishing the week lower on declining Chinese demand and hopes of a Gaza ceasefire agreement that could ease Middle East tensions and accompanying supply concerns. Brent crude settled down $1.24, or 1.5%, at $81.13 a barrel. West Texas Intermediate crude ended $1.12, or 1.4%, lower at $77.16 a barrel. For the week, Brent was trading down more than 1% while WTI fell beyond 3%. Meanwhile, demand from the world's top oil consumer was also expected to ease as U.S. refiners are preparing to cut back production as the end of the summer driving season in early September nears. The nation's second largest refiner, Valero Energy (VLO.N), said on Thursday its 14 refineries would run at 92% of combined capacity in the third quarter. Valero's refineries ran at 94% in the second quarter. In the Middle East, hopes of a ceasefire in Gaza have been gaining momentum. Baker Hughes' count of U.S. oil drilling rigs, an early indicator of future output, increased by five to 482 this week and by three in July, raising the number of rigs for the first month since March. Reuters

Home Business

Oil falls 1.5%, ends week lower on China demand fears

27-07-2024 02:38 PM

Ammon News - Oil futures fell about 1.5% on Friday, finishing the week lower on declining Chinese demand and hopes of a Gaza ceasefire agreement that could ease Middle East tensions and accompanying supply concerns.

Brent crude settled down $1.24, or 1.5%, at $81.13 a barrel. West Texas Intermediate crude ended $1.12, or 1.4%, lower at $77.16 a barrel.

For the week, Brent was trading down more than 1% while WTI fell beyond 3%.

Meanwhile, demand from the world's top oil consumer was also expected to ease as U.S. refiners are preparing to cut back production as the end of the summer driving season in early September nears.

The nation's second largest refiner, Valero Energy (VLO.N), said on Thursday its 14 refineries would run at 92% of combined capacity in the third quarter. Valero's refineries ran at 94% in the second quarter.

In the Middle East, hopes of a ceasefire in Gaza have been gaining momentum.

Baker Hughes' count of U.S. oil drilling rigs, an early indicator of future output, increased by five to 482 this week and by three in July, raising the number of rigs for the first month since March.

Reuters

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