AA / Ankara / Duygu Alhan
Crude oil prices fell slightly during morning trading on Thursday, amid growing concerns about the state of demand in the United States, the world’s largest oil consumer, and lingering uncertainties in the subject of the timetable for interest rate reductions by the American Federal Reserve (Fed), all in a tense geopolitical context due to the escalation of tensions in the Middle East which have limited the falls in barrel prices.
International benchmark Brent crude traded at $84.44 per barrel at 10:25 a.m. local time (0725 GMT), down 0.03% from Wednesday’s closing price which had concluded trading at $84.47 per barrel.
The benchmark American barrel West Texas Intermediate (WTI), for its part, traded at $80.84 per barrel, with a drop of 0.07% compared to yesterday’s trading when it closed the day at $80.90 per barrel.
U.S. commercial crude oil reserves increased 0.8%, or about 3.6 million barrels, to 460.7 million barrels during the week of June 21, Energy Information reported Thursday. Administration (EIA). However, the market was counting on a drop in reserves of 2.6 million barrels.
During the same period, gasoline reserves increased by about 2.7 million barrels to 233.9 million barrels.
Despite a well-established summer season, where demand for oil is generally high, data indicating an increase in crude oil reserves in the United States has raised concerns about the state of demand and supported the decline in barrel prices. oil.
On another note, forecasts of a later-than-expected reduction in the key rate by the Fed continue to fuel concerns about demand among market participants.
Fed officials maintain the status quo by using “cautious” language throughout the week.
Analysts expect gross domestic product (GDP) figures, due later in the day, to provide a snapshot of the state of U.S. economic activity. Investors will be closely watching personal consumption spending data, due later Friday, which the Fed considers a gauge of inflation.
From another perspective, the escalation of geopolitical tensions in the Middle East, which contains most of the world’s oil reserves, has limited further declines in barrel prices, fueling concerns among market players about a possible disruption of global energy supply routes.
The official Palestinian news agency Wafa reported that the Israeli army shelled the al-Alami area of Jabalia, the largest refugee camp in the Gaza Strip, killing at least 8 Palestinians and injuring several others.
According to reports, overnight Israeli airstrikes also targeted five houses in Gaza City, leaving several people dead and injured.
* Translated from English by Mounir Bennour.
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