Oil Prices Slip Amid Ongoing Demand Concerns In US And China

ANKARA, Aug 22 (Bernama-Anadolu) -- Oil prices dipped on Thursday, pressured by persistent concerns about demand in the US and China, the two largest oil consumers globally, reported Anadolu Agency.

International benchmark Brent crude fell 0.13 per cent to US$75.95 per barrel at 10.40 am local time (0740 GMT), down from the previous session's close of US$76.05. US benchmark West Texas Intermediate (WTI) decreased by 0.29 per cent to US$71.72 per barrel, after closing at US$71.93 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 next steps fuelling caution.

Investors are closely monitoring Fed Chair Jerome Powell’s remarks on Friday for potential signals on the central bank’s policy trajectory, which could drive volatility across asset classes.

Minutes from the Fed’s latest meeting, released 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 Aug 16, according to data released by the Energy Information Administration (EIA) late Wednesday.

Over the same period, gasoline inventories fell by approximately 1.6 million barrels to 220.6 million barrels.

-- BERNAMA-ANADOLU