Oil prices fell amid a wave of weak economic data
Oil prices fell today, Tuesday, for the third session in a row, after a series of economic data from Germany, the euro zone, and Britain painted a picture of a downward trend that may affect demand for oil.
By 15:20 GMT, Brent crude futures fell $1.76, or 2%, to $88.07 per barrel, while US West Texas Intermediate crude futures fell $1.91, or 2.2%, to $83.58 per barrel.
Data showed that business activity in the euro zone took a sudden turn for the worse this month, indicating that the bloc may slide into recession.
German data indicated that the country will witness a wave of recession, while British companies announced another decline in activity this month, which confirms the risk of exposure to a recession before the Bank of England’s decision on interest rates next week.
The two crude oil standards fell more than 2% yesterday, Monday, with the intensification of diplomatic efforts in the Middle East, the largest oil supply region in the world, to contain the war between Israel and the Palestinian resistance.
Yesterday, Hamas said that it had released two Israeli women who were among more than 200 prisoners it held during its attack on October 7, while sources said that the United States had advised Israel to refrain from a ground attack in the Gaza Strip.
A preliminary poll conducted by Reuters on Monday showed that US crude inventories recorded last week are expected to rise, while distillate and gasoline inventories will decline.
The survey was conducted before the release of reports from the American Petroleum Institute industry group, scheduled to be issued at 20:30 GMT today, Tuesday, and the Energy Information Administration, the statistical arm of the US Department of Energy, at 14:30 GMT tomorrow, Wednesday.
(Reuters, Al-Arabi Al-Jadeed)
2023-10-24 17:41:45
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