Connect with us

Hi, what are you looking for?

The Freedom RightThe Freedom Right

Economy

Oil Dips to $82.71 Amid Demand Fears

Oil Dips to $82.71 Amid Demand Fears

Oil Prices Fall to $82.71 on Demand Concerns & IEA Warning.
IEA Forecasts 1.22M bpd Rise in 2024 Amid Supply Increase.
S. Oil Output Surges Past 13M bpd, Captures the Significant Production Milestone and its potential impact on the market.

Oil prices saw a marginal fall in Asian trade on Friday. This decline reflects ongoing concerns about demand. The International Energy Agency’s (IEA) warning and weak economic indicators are to blame. Brent oil futures dropped to $82.71 a barrel. West Texas Intermediate crude futures also decreased to $77.49 a barrel. Despite this, both contracts posted a 1% gain over the week.

IEA Cuts 2024 Demand, Eyes 1.22M bpd Rise

The IEA’s latest report casts a shadow over future demand. It reduced its 2024 oil demand growth forecast slightly. Global demand is now expected to increase by 1.22 million barrels per day. Additionally, the IEA predicts a rise in supply, thanks to U.S. production and OPEC’s stance. The U.S. is setting records in oil production. At the same time, major economies like the U.K. and Japan are facing recessions. The Eurozone’s growth remains stagnant. These factors contribute to a gloomy demand outlook. China’s economic recovery is slow, although the Lunar New Year may offer brief support.

U.S. Oil Production Tops 13M Barrels/Day

U.S. inventory data revealed a surge in crude stockpiles. It indicates a robust rebound in production. U.S. output now exceeds 13 million barrels per day. Strong U.S. production could offset supply gaps from OPEC and disruptions in the Middle East. Deals by Exxon Mobil, Chevron, and Occidental Petroleum emphasize low-cost oilfields. These fields remain profitable even when oil prices are low. This strategy may cushion the impact of fluctuating prices and demand.

The oil market remains a complex tapestry of supply, demand, and geopolitical influences. Current trends suggest cautious navigation through uncertain times. Yet, the industry’s adaptability and strategic moves offer a glimpse of resilience amid challenges.

The post Oil Dips to $82.71 Amid Demand Fears appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Stock

    A second delivery driver has died in Texas amid record-high temperatures, just as the regulation of workplace heat safety enters a new legal limbo...

    Investing

    Political advisers to both President Biden and Vice President Harris were reportedly annoyed with Democrat California Gov. Gavin Newsom over a planned debate with...

    Editor's Pick

    By the IoT Analytics team. A new report from IoT Analytics highlights eight notable trends helping to advance and promote digital twins. Four of...

    Investing

    Vermont Sen. Bernie Sanders, 81, defended President Biden, 80, against voter critiques that he lacks the energy and vigor to continue leading the United...

    Disclaimer: thefreedomright.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2020-2024 The Freedom Right. All Rights Reserved