Oil prices to end week lower amid demand and easing supply concerns

23 Aug 2024 CW Team

Oil prices remained steady in early Asian trading on Ausust 23, but they are set to end the week lower due to concerns over reduced demand following downward revisions to U.S. employment data and easing supply concerns driven by ceasefire talks in Gaza.

By 0033 GMT, Brent crude futures dipped by a cent to $77.21 per barrel, while U.S. West Texas Intermediate (WTI) crude futures edged up by 4 cents to $73.05 per barrel. Despite a rise in both benchmarks on August 22, spurred by expectations of an imminent interest rate cut by the U.S. Federal Reserve, oil prices are still on track to decline for the week. Brent is expected to drop by about 3%, and WTI by nearly 5%.

Earlier in the week, both benchmarks hit their lowest levels since early January after the U.S. government significantly revised its job growth estimates downward, raising concerns about a potential recession that could impact demand in the world's largest oil-consuming nation. Additionally, recent economic data from China, the top oil importer, has indicated a slowdown in the economy, further dampening oil demand.

Analysts at consultancy firm FGE noted that despite some bullish fundamentals, weakening sentiment continues to dominate the oil market. The push for a ceasefire between Israel and Hamas has also eased supply concerns, contributing to the downward pressure on prices.

However, some analysts believe that oil prices may find support in the coming weeks. UBS analysts pointed out that global oil inventories have declined over the past two months, suggesting that supply growth is lagging behind demand. (ET)

Real Estate

08 May 2026

Integrated Waterproofing Strategies

Waterproofing buildings used to be an annual pre-monsoon affair but the evolution of real-estate development has changed that approach. In new developments, developers are weaving waterproofing solutions into both the design and construction phases, an approach that Nikhil Madan, Managing Director, Mahima Group, says, “is all about ensuring lasting durability [of the building] and keeping lifecycle risks including water seepage and extensive maintenance to a minimum.”Watertight by designAluminium formwork systems aren’t commonly thought of as a waterproofing tool but at the Mahima Group,..

GROHE Showcases Water-Led Design At Milan

GROHE unveiled its GROHE SPA Aqua Sanctuary at Milan Design Week 2026, transforming Piccolo Teatro Studio Melato into an immersive showcase of water, design and wellbeing. Built on the philosophy of ‘Wellbeing Through Water’, the installation reimagined bathrooms as holistic spaces for relaxation, rejuvenation and self-care.The Aqua Sanctuary was presented through three interconnected sanctums. The first showcased the 3D-printed GROHE SPA AquaTree shower and faucet, highlighting bespoke innovation and biophilic design. The second featured the Atrio Private Collection and GROHE SPA x Buster..

Rahee Group Expands Rail Manufacturing Capacity

Rahee Group has outlined a multi-year investment roadmap to expand its operational footprint and strengthen manufacturing capabilities for India’s growing railway and urban transit sector. The Group is expanding in Odisha with a new Track Component Casting Unit, for which the groundbreaking ceremony was held on 8 April 2026 in the presence of Odisha Chief Minister Mohan Charan Majhi.The Group’s flagship EPC arm, Rahee Infratech Ltd, continues to focus on complex rail infrastructure projects, including track systems, bridges, viaducts and ballastless infrastructure. Its wholly owned subsidi..