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

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..