Brent crude prices settled down $2.48, or 2.9%, to $82.63 a barrel. U.S. West Texas Intermediate crude futures dropped $2.69, or 3.3%, to $80.13 on Friday.
Oil prices were under pressure, after stronger than expected data on US Labour Market and Manufacturing saw the US Dollar Index strengthen.
China's economy grew by a slower-than-expected 4.7% in the second quarter, official data showed, sparking concerns over its demand for oil.
Ceasefire talks in Gaza eased concerns over geopolitical tensions in the Middle east weakening Oil Prices.
Oil prices got support when the EIA reported that the U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.9 million barrels from the previous week at 440.2 million barrels.
A collision between two large Oil Tankers caused them to catch fire near Singapore, The World’s largest Refuelling Port.
The Market expects oil prices to continue on a bearish trend in the coming week.
China's first-half 2024 fuel oil imports slide 11% y/y
Brent crude oil prices continued to strengthen to close at $86.53 per barrel on Wednesday 3rd July 2024 following market ...
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Brent crude prices settled down $2.48, or 2.9%, to $82.63 a barrel. U.S. West Texas Intermediate crude futures dropped $2.69, ...
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