The U.S. benchmark is now up just 0.91% for the year, while Brent has erased all of its gain for 2024. Demand is slowing in China as drivers switch from gas to electric vehicles and trucks transition to liquid natural gas from diesel.
Oil futures edged higher Thursday, consolidating after ending the previous session at their lowest since January, following revised U.S. jobs data that stoked worries about the outlook for crude demand.
WTI futures drop 6.9% since mid-August as weak demand and potential OPEC+ supply hikes pressure oil prices. Bearish outlook persists.
A sharp sell-off in crude oil paused on Thursday after expectations of a rate cut by the Federal Reserve offset a bunch of weak economic data from the world's two largest economies, the United States and China.
Gasoline inventories decreased by 1.6 million barrels from the previous week.
Oil futures hovered near unchanged Wednesday morning, consolidating as investors awaited official data on U.S. crude inventories after a three-day losing streak that took crude to two-week lows.
U.S. crude exports set to plateau in 2024, signaling potential price pressures as global demand, especially from China, slows.
Oil prices slipped on Wednesday on estimates showing swelling U.S. crude inventories and expectations that tensions in the Middle East were easing following a tour of the region by mediators.
Crude oil's bearish retracement found support at $73.87. A reversal is possible, targeting $81.96, if lower resistance levels are overcome.
The crude oil market continues to see a lot of noise at low levels, as the traders around the world are looking into the idea of whether or not we can find a foothold. At this point, this is a market that is trying to sort itself out for a
Soft demand in Asia is weighing on oil prices. The U.S. is still trying to clinch a cease-fire deal in Gaza.
Decades ago, during a presidential election, I created a homemade political button which read “54 40 or fight.” That was the slogan of those who wanted the U.S. to seize all of Oregon country, which is now Oregon in the U.S. and British Columbia in Canada.