WTI crude oil near seven-week low amid economic concerns
A surprise surge in crude and gasoline inventory in the US coupled with diminishing hope for cuts in key interest rates from the FED pressurised the sentiment.
International benchmarks for crude oil settled lower on Thursday, 2 May 024 as concerns over the demand outlook outweighed the Middle East tension. A surprise surge in crude and gasoline inventory in the US coupled with diminishing hope for cuts in key interest rates from the FED pressurised the sentiment.
Compared to the peak in mid-April, the oil market has fallen about 10% as the fallout from Iran’s attacks on Israel proved limited.
Brent futures increased by 23 cents or 0.3% to settle at $83.67/barrel.
WTI fell by 5 cents to settle at $78.95/barrel.