BERNAMA – Oil prices dipped yesterday, pressured by persistent concerns about demand in the United States (US) and China, the two largest oil consumers globally, reported Anadolu Agency.
International benchmark Brent crude fell 0.13 per cent to USD75.95 per barrel at 10.40am, down from the previous session’s close of USD76.05. US benchmark West Texas Intermediate (WTI) decreased by 0.29 per cent to USD71.72 per barrel, after closing at USD71.93 in the prior session.
Global markets remained mixed ahead of the Jackson Hole Economic Policy Symposium in the US, with uncertainty surrounding the Federal Reserve’s (Fed) next steps fuelling caution.
Investors are closely monitoring Fed Chair Jerome Powell’s remarks for potential signals on the central bank’s policy trajectory today, which could drive volatility across asset classes.
Minutes from the Fed’s latest meeting, released on Wednesday, revealed that most officials favoured easing monetary policy in September, contingent on forthcoming data aligning with expectations.
The US Department of Labour revised non-agricultural employment data for the 12-month period until March 2024.
According to the revision, employment in the US increased by 818,000 less than previously announced in the said period. Economic concerns were further amplified by China’s slowing growth.
Last week’s data revealed that new home prices in the country declined at the fastest pace in nine years, while industrial production faltered and unemployment ticked higher, raising fears of weakening oil demand. US commercial crude oil inventories fell by about 4.6 million barrels to 426 million barrels during the week ending on August 16, according to data released by the Energy Information Administration late on Wednesday.
