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Oil Prices Decline on Smaller-Than-Expected Drop in US Inventories

Mohamed Abdelhamid 29 August, 2024 1:24 am Commodities, Market Update

Oil futures concluded Wednesday’s trading session in the red, influenced by a decline in U.S. oil inventories that was smaller than market expectations. Concerns over Chinese demand also weighed on prices, despite worries about potential supply shortages due to potential reductions in output from the Middle East and Libya.

West Texas Intermediate (WTI) crude futures retreated to $74.33 a barrel, compared to the previous day’s close of $75.70. WTI reached a daily high of $75.92 and a low of $73.82.

Similarly, Brent crude futures dipped to $77.21, down from the previous session’s close of $78.74. Brent crude touched an intraday high of $79.17 and a low of $77.07.

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