Oil prices recover slightly following recent fall amid mixed market signals
Date
7/24/2024 5:35:05 AM
(MENAFN) On Wednesday, oil prices experienced a modest rebound following several days of declines, buoyed by a reduction in US crude inventories. brent crude futures for September delivery increased by 37 cents, or 0.5 percent, reaching USD81.38 per barrel. Similarly, U.S. West Texas Intermediate crude for September delivery saw a rise of 38 cents, or 0.5 percent, to USD77.34 per barrel.
This uptick in prices came in the wake of a report from the American petroleum Institute indicating that US stocks of crude oil, gasoline, and distillates had decreased over the past week. Despite this positive development, the rally was tempered by expectations of a potential ceasefire in the Middle East, which could stabilize the region's oil supply and impact market dynamics.
Oil prices had recently dropped to a six-week low on Tuesday, with Brent crude settling at its lowest level since June 9. Additionally, persistent concerns about an economic slowdown in China—the world's largest crude oil importer—continue to overshadow market sentiment, raising fears that weakening global demand could suppress further price increases.
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