U.S. crude, fuel inventories fall as oil prices, consumer confidence reflect on market shifts
Date
8/28/2024 5:06:52 AM
(MENAFN) Recent data from the American petroleum Institute revealed a decrease in U.S. crude and fuel inventories for the week ending August 23. Crude oil inventories fell by 3.407 million barrels, indicating a significant drawdown. gasoline stocks also decreased by 1.863 million barrels, while distillate stocks saw a reduction of 1.405 million barrels. This decline in inventory levels could influence oil prices and market dynamics moving forward.
In response to these inventory changes, brent crude futures dropped by approximately USD1.88, or 2.3 percent, settling at USD79.55 per barrel on Tuesday. Similarly, U.S. West Texas Intermediate crude experienced a decline of USD1.89, or 2.4 percent, closing at USD75.53 per barrel. These decreases in oil prices reflect broader market reactions to shifting supply and demand conditions.
In a separate economic update, the Conference Board's consumer confidence index showed an increase to a six-month high in August. Despite this positive outlook, there are growing concerns about the labor market, as the unemployment rate surged to 4.3 percent last month, approaching its highest level in nearly three years. This rise in unemployment has heightened anxieties among consumers, even as overall confidence remains elevated.
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