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)

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