Oil prices fell on Thursday amid concerns about oversupply, after rising nearly 3 percent in the previous session.<\/p>\n\n\n\n
Brent crude futures fell 24 cents to $76.72 a barrel. US West Texas Intermediate crude also fell 21 cents to $72.62 a barrel.<\/p>\n\n\n\n
Both benchmarks rose nearly 3 percent on Wednesday amid optimism about oil demand and debt ceiling negotiations in the United States.<\/p>\n\n\n\n
Oil prices are under pressure, including the unexpected jump in US oil inventories last week due to a new withdrawal from the Strategic Petroleum Reserve. Inventories rose five million barrels in the week ending May 12 to 467.6 million barrels, against expectations of a decline of 900,000 barrels in a Reuters poll.<\/p>\n\n\n\n
Investors are also closely watching developments related to the debt ceiling negotiations in the United States.<\/p>\n\n\n\n
Meanwhile, US President Joe Biden and Republican House Speaker Kevin McCarthy confirmed on Wednesday their intention to reach an agreement soon to raise the federal government’s debt ceiling of $31.4 trillion and avoid the government’s failure to pay its obligations, as this would have catastrophic repercussions.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices fell on Thursday amid concerns about oversupply, after rising nearly 3 percent in the previous session. Brent crude futures fell 24 cents to $76.72 a barrel. US West Texas Intermediate crude also fell 21 cents to $72.62 a barrel. Both benchmarks rose nearly 3 percent on Wednesday amid optimism about oil demand and …<\/p>\n","protected":false},"author":9,"featured_media":81247,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6832,7123,6959,6846,7004],"class_list":["post-84225","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-china","tag-demand","tag-iea","tag-oil","tag-opec-2"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=84225"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84225\/revisions"}],"predecessor-version":[{"id":84226,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84225\/revisions\/84226"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/81247"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=84225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=84225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=84225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}