Crude oil prices dropped by -1.02% at 6,288, due to weakening global demand and economic uncertainty. Major banks revised price forecasts, with China experiencing slowdowns and Europe experiencing lower diesel demand. Geopolitical risks and supply threats weakened gains.
The country’s volatile oil output, which stood at about 1.18 million barrels per day in July, according to OPEC, was further increased by the announcement by the Sirte Oil Company of a partial cut in production in Libya.
Crude oil stockpiles in the United States decreased by 0.846 million barrels during the week ending August 23, 2024, but not by the anticipated three million barrels. Furthermore, following a 560 thousand barrel reduction the week before, stockpiles at the Cushing, Oklahoma delivery hub fell by 668 thousand barrels.
Petrol inventories fell by 2.203 million barrels, more than the 1.5 million barrel decrease that was predicted, and distillate fuel inventories increased by 0.275 million barrels, less than the 0.55 million barrel dip that was expected.
