2024-07-25 20:12:28
Oil prices fell in Asian trade today amid concerns about demand in China, the world’s biggest importer of the crude, and renewed hopes for a ceasefire in the Middle East, Reuters reported. This trend managed to prevail over the data on the decreased oil reserves in the USA, BTA reported.
North Sea Brent futures for September, the European benchmark, fell 63 cents, or 0.8 percent, to $81.08 a barrel.
U.S. light crude was down 63 cents, or 0.8 percent, at $76.96 a barrel.
Both gauges rose on Wednesday, snapping several sessions of declines after the Energy Information Administration (EIA) reported that US crude inventories fell by 3.7 million barrels last week. That compared with analysts’ expectations in a Reuters poll for a decline of 1.6 million barrels.
U.S. gasoline inventories fell 5.6 million barrels, compared with analysts’ expectations for a 400,000 drop.
Against this background, according to government data, China’s oil imports and refinery runs are at lower levels than in 2023 due to weaker demand for the fuel amid sluggish economic growth,