Oil is stable as the market is affected by US demand concerns and the Middle East conflict

Oil prices saw little change on Thursday amid a decline in fuel demand in the United States, the world’s largest oil consumer, coupled with concerns over a potential escalation of conflict in the Middle East.

Brent crude futures edged up nine cents to $88.11 a barrel by 0420 GMT, following a 0.5 percent decline in the previous session.

US West Texas Intermediate crude futures for June delivery also rose seven cents to $82.88 a barrel, after slipping 0.6 percent on Wednesday.

According to data from the US Energy Information Administration released on Wednesday, gasoline demand in the week ending April 19 dropped by 2.8 percent compared to the previous week and by 11 percent year-on-year.

These trends coincide with signs of a slowdown in US business activity in April. While inflation and employment data exceeded expectations, suggesting that the Federal Reserve might delay anticipated interest rate cuts to influence economic sentiment.

Upcoming data releases, including US GDP and personal consumer spending figures for March on Thursday and Friday, are expected to offer clearer insights into the Federal Reserve’s stance on interest rates.