The National on Nostr: Oil prices dip after Opec cuts demand forecast on China slowdown ========== Oil ...
Oil prices dip after Opec cuts demand forecast on China slowdown
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Oil prices fell after Opec lowered its demand growth forecast for this year, citing softening consumption in China; Brent was trading at $81.76 a barrel and West Texas Intermediate was at $79.61 a barrel; Opec reduced its 2024 oil demand growth forecast by 135,000 barrels per day, marking the first adjustment since July 2023; China's real estate crisis, sluggish consumer spending, and deceleration in manufacturing are contributing to the softening oil demand; Global oil demand growth for 2025 has been revised slightly down by 65,000 barrels per day to 1.8 million barrels per day; Geopolitical tensions in the Middle East, particularly between Israel and Iran, are expected to drive market volatility and potentially affect oil prices; Oil prices declined last week due to weaker-than-expected US job figures, but positive US economic data and indications of strong fuel demand have eased concerns; The US Federal Reserve is anticipated to cut interest rates between 25 and 50 basis points in September; Despite rising unemployment, inflation remains high at 2.97 percent, exceeding the Fed's target of 2 percent.
#Oil #Opec #China #DemandForecast #MiddleEast #UsFederalReserve
https://www.thenationalnews.com/business/energy/2024/08/13/oil-prices-dip-after-opec-cuts-demand-forecast-on-china-slowdown/
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Oil prices fell after Opec lowered its demand growth forecast for this year, citing softening consumption in China; Brent was trading at $81.76 a barrel and West Texas Intermediate was at $79.61 a barrel; Opec reduced its 2024 oil demand growth forecast by 135,000 barrels per day, marking the first adjustment since July 2023; China's real estate crisis, sluggish consumer spending, and deceleration in manufacturing are contributing to the softening oil demand; Global oil demand growth for 2025 has been revised slightly down by 65,000 barrels per day to 1.8 million barrels per day; Geopolitical tensions in the Middle East, particularly between Israel and Iran, are expected to drive market volatility and potentially affect oil prices; Oil prices declined last week due to weaker-than-expected US job figures, but positive US economic data and indications of strong fuel demand have eased concerns; The US Federal Reserve is anticipated to cut interest rates between 25 and 50 basis points in September; Despite rising unemployment, inflation remains high at 2.97 percent, exceeding the Fed's target of 2 percent.
#Oil #Opec #China #DemandForecast #MiddleEast #UsFederalReserve
https://www.thenationalnews.com/business/energy/2024/08/13/oil-prices-dip-after-opec-cuts-demand-forecast-on-china-slowdown/