Crude Continues Downward Trend

2 Aug 2024 , 08:51 AM

Oil prices increased on Friday, but were headed for a fourth weekly fall as signs of slowing global fuel demand growth overshadowed concerns about supply interruptions in the main Middle Eastern production region.

Brent crude prices increased 33 cents, or 0.4%, to $79.85 per barrel, after sliding 1.5% the previous session, while U.S. West Texas Intermediate crude futures rose 38 cents, or 0.5%, to $76.69, following a 2.1% decrease on Thursday.

Brent prices are expected to decrease 1.7% this week, while WTI futures are on track to fall 1.1%. The four weeks of drops will be the longest losing sequence for both benchmarks since early December, when a seven-week streak of weekly losses ended.

Surveys released on Thursday showed that factory activity in the United States, Europe, and Asia fell last month, raising the likelihood of a poor global economic recovery that would weigh on oil demand.

Disappointing economic data from top oil importer China this week, particularly decreasing industrial activity, weighed on prices, raising concerns about demand growth in the country after import and refinery activity data for June was lower than last year.

For feedback and suggestions, write to us at [e-mail]