Oil prices slip for fifth session on demand worries

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Home Business Oil prices slip for fifth session on demand worries 22-08-2024 10:06 AM Ammon News - Oil prices fell for a fifth session on Thursday as investors worried about the global demand outlook, despite a decline in U.S. fuel inventories. Brent crude futures slipped 10 cents to $75.95 a barrel, while U.S. West Texas Intermediate crude futures fell 23 cents to trade at $71.70 at 0639 GMT. The front-month WTI contract for October has dropped 6.9% since Aug. 15, while Brent futures are down 6.4% over the same period. Concerns over how OPEC+ production would pan out in the fourth quarter if the cuts are lifted has exacerbated price weakness, though they could be paused or reversed if needed. Reuters

Home Business

Oil prices slip for fifth session on demand worries

22-08-2024 10:06 AM

Ammon News - Oil prices fell for a fifth session on Thursday as investors worried about the global demand outlook, despite a decline in U.S. fuel inventories.

Brent crude futures slipped 10 cents to $75.95 a barrel, while U.S. West Texas Intermediate crude futures fell 23 cents to trade at $71.70 at 0639 GMT.

The front-month WTI contract for October has dropped 6.9% since Aug. 15, while Brent futures are down 6.4% over the same period.

Concerns over how OPEC+ production would pan out in the fourth quarter if the cuts are lifted has exacerbated price weakness, though they could be paused or reversed if needed.

Reuters

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