Oil prices were moderately lower on Wednesday as worries over conflict in the Middle East eased and business activity in the world’s largest oil consumer slowed, however, a fall in US crude oil inventories put a floor on those losses.
Brent crude futures were down 27 cents, or 0.31%, to $88.15 a barrel by1530 GMT, while US West Texas Intermediate crude futures fell 38 cents, or 0.46%, to $82.98. That reversed some of Brent’s gains earlier in the week, buoyed by a weaker US dollar.
“It appears the fundamentals that we trade with are leaning towards a little settling down in the Middle East,” said Tim Snyder, economist at Matador Economics.
Perceived de-escalation between Iran and Israel could remove another $5-10 a barrel in coming months, Goldman Sachs analysts said in a note.
US crude stockpiles fell by 6.4 million barrels to 453.6 million barrels.
Published in The Express Tribune, April 25th, 2024.
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