Oil Prices Fall in Asian Markets Due to Increase in US Investments and Middle Eastern Concerns

Investing.com – Oil prices fell in Asian markets today. This is because business data points to an increase in US investments. Losses were ended by Middle Eastern concerns, however.

Business data on Tuesday showed that US oil inventories rose more than expected in the week to May 3, easing expectations of a global supply squeeze.

Israel continues to attack Rafah in the southern part of the Gaza Strip. Meanwhile, cease-fire talks with Hamas have not progressed.

At 21:35 ET (01:35 GMT), the index for July delivery was down 0.4% to $82.82 a barrel, and down 0.4% to $77.76 a barrel.

appreciation of money It’s still putting pressure on oil prices This is because Federal Reserve officials are not paying attention to expectations of a rate cut this year.

US oil inventories rose more than expected

Data from Tuesday showed that US oil inventories rose 0.5 million barrels in the week of May 3, against analysts’ expectations for a drawdown of 1.4 million barrels.

The data comes after US oil prices rose. The number increased more than expected last week. This has fueled speculation that the global oil market will not be as tight as initially expected.

Data from the API often cites numbers similar to those to be released today

Strong US supply has dampened expectations of a tightening global oil market. Especially since recent data shows that US oil production returned to high levels in February.

A ceasefire between Israel and Hamas remains uncertain.

Israel continued its offensive on Rafah on Tuesday. At the same time, he also captured key border crossing points in the city.

The move comes even as Hamas officials accepted a recent cease-fire offer in Gaza that Israel rejected. Hamas also expressed anger over Israel’s attack on Rafah. And attacks like this have undermined any potential progress towards peace.

However, US officials said a ceasefire agreement could still be reached. After representatives from both sides held talks in Cairo

The prospect of continued unrest in the Middle East has helped support oil prices. among the opinion that the disruption will affect supply in that sector.

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