2024-01-19T04:40:03+00:00
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/ Oil prices fell on Friday after rising the previous day, as geopolitical tensions and disruptions in US oil production due to a cold snap were offset by concerns about slowing demand growth in China.
Brent crude futures fell 17 cents, or 0.2 percent, to $78.93 a barrel by 0151 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 3 cents to $74.05, Reuters reported.
Both benchmarks rose about 2 percent on Thursday as the International Energy Agency joined OPEC producers in forecasting strong growth in global oil demand, and they are on track to end the week up about 1-2 percent.
Pakistan launched strikes on separatist militants inside Iran on Thursday, in a retaliatory attack two days after Tehran said it had struck bases of another group inside Pakistani territory.
Ship tracking data showed that two oil tankers that had deviated from the Red Sea turned back and passed through the Bab al-Mandab Strait, even as tensions in the region continue to disrupt global shipping and trade.
The U.S. Energy Information Administration reported on Thursday a larger-than-expected 2.5 million barrel drop in crude inventories on strong refinery demand in the week to Jan. 12, but gasoline and distillate stocks rose to multi-year highs.
Meanwhile, the North Dakota Pipeline Authority, the largest U.S. oil-producing state, said on Wednesday that about 40% of oil production in North Dakota, the largest U.S. oil-producing state, remained shut due to extreme cold weather and operating challenges.
The International Energy Agency on Thursday again raised its forecast for global oil demand growth in 2024, although its forecast remains below OPEC’s, saying the market looks well supplied due to strong growth outside the producer group.