1. Home
  2. Infrastructure Energy
  3. OIL & GAS
  4. Oil prices to end week lower amid demand and easing supply concerns
Oil prices to end week lower amid demand and easing supply concerns
OIL & GAS

Oil prices to end week lower amid demand and easing supply concerns

23 Aug 2024 2 Min Read CW Team
Oil prices remained steady in early Asian trading on Ausust 23, but they are set to end the week lower due to concerns over reduced demand following downward revisions to U.S. employment data and easing supply concerns driven by ceasefire talks in Gaza.

By 0033 GMT, Brent crude futures dipped by a cent to $77.21 per barrel, while U.S. West Texas Intermediate (WTI) crude futures edged up by 4 cents to $73.05 per barrel. Despite a rise in both benchmarks on August 22, spurred by expectations of an imminent interest rate cut by the U.S. Federal Reserve, oil prices are still on track to decline for the week. Brent is expected to drop by about 3%, and WTI by nearly 5%.

Earlier in the week, both benchmarks hit their lowest levels since early January after the U.S. government significantly revised its job growth estimates downward, raising concerns about a potential recession that could impact demand in the world's largest oil-consuming nation. Additionally, recent economic data from China, the top oil importer, has indicated a slowdown in the economy, further dampening oil demand.

Analysts at consultancy firm FGE noted that despite some bullish fundamentals, weakening sentiment continues to dominate the oil market. The push for a ceasefire between Israel and Hamas has also eased supply concerns, contributing to the downward pressure on prices.

However, some analysts believe that oil prices may find support in the coming weeks. UBS analysts pointed out that global oil inventories have declined over the past two months, suggesting that supply growth is lagging behind demand. (ET)

Oil prices remained steady in early Asian trading on Ausust 23, but they are set to end the week lower due to concerns over reduced demand following downward revisions to U.S. employment data and easing supply concerns driven by ceasefire talks in Gaza. By 0033 GMT, Brent crude futures dipped by a cent to $77.21 per barrel, while U.S. West Texas Intermediate (WTI) crude futures edged up by 4 cents to $73.05 per barrel. Despite a rise in both benchmarks on August 22, spurred by expectations of an imminent interest rate cut by the U.S. Federal Reserve, oil prices are still on track to decline for the week. Brent is expected to drop by about 3%, and WTI by nearly 5%. Earlier in the week, both benchmarks hit their lowest levels since early January after the U.S. government significantly revised its job growth estimates downward, raising concerns about a potential recession that could impact demand in the world's largest oil-consuming nation. Additionally, recent economic data from China, the top oil importer, has indicated a slowdown in the economy, further dampening oil demand. Analysts at consultancy firm FGE noted that despite some bullish fundamentals, weakening sentiment continues to dominate the oil market. The push for a ceasefire between Israel and Hamas has also eased supply concerns, contributing to the downward pressure on prices. However, some analysts believe that oil prices may find support in the coming weeks. UBS analysts pointed out that global oil inventories have declined over the past two months, suggesting that supply growth is lagging behind demand. (ET)

Next Story
Infrastructure Urban
29 Jan 2025

CASE India Launches Project Milaap for Devotee Safety at Kumbh Mela

CASE Construction Equipment, a brand of CNH, launches Project Milaap, a groundbreaking Corporate Social Responsibility (CSR) initiative aimed at ensuring the safety of millions of devotees attending the Kumbh Mela 2025 in Prayagraj. The initiative was officially flagged off in the presence of CSR committee Emre Karazli, VP-Construction Segment, CNH APAC, Shalabh Chaturvedi, Managing Director, CASE India & SAARC, Satendra Tiwari, Executive Director – Operations, Mr. Puneet Vidyarthi, Head of Brand Marketing, APAC along with representatives from the company. With an expected footfall of over ..

Read More
Next Story
Infrastructure Energy
29 Jan 2025

CleanMax Announces Financing for Onsite Solar Projects in UAE

CleanMax, one of Asia's leading renewable energy providers for the Commercial and Industrial (C&I) sector and a Brookfield-backed company, announced that it will obtain AED 99 Million (USD 27 Million) long term credit facility from HSBC to develop and finance its onsite solar portfolio in the UAE. The facility will cover 92 onsite solar assets, located on industrial facilities, malls, schools and universities. The financing arrangement also provides an uncommitted accordion of AED 37 Million (USD 10 Million) for development of future projects, in alignment with UAE’s Net Zero 2050 Strategy. ..

Read More
Next Story
Infrastructure Urban
29 Jan 2025

Virtusa Foundation’s School Restoration Project Wins UNESCO Award

Virtusa, through the Virtusa Foundation, proudly announces that the restoration of the Byramjee Jeejeebhoy Parsee Charitable Institution (B.J.P.C.I) in Mumbai has been honored with the ‘Award of Merit’ from the UNESCO Asia-Pacific Awards for Cultural Heritage Conservation 2024. This project, which aligns with the Virtusa Foundation’s core pillars of education, empowerment, and environment, highlights Virtusa’s commitment to sustainability and social impact. By supporting restoring this 134-year-old structure, Virtusa has helped preserve a vital piece of history while ensuring the insti..

Read More

Opinion Poll

Question : Which technological advancement do you believe will most transform the real estate industry in the coming years?

Latest updates

CASE India Launches Project Milaap for Devotee Safety at Kumbh Mela
ECONOMY & POLICY
29 Jan 2025

CASE India Launches Project Milaap for Devotee Safety at Kumbh Mela

CleanMax Announces Financing for Onsite Solar Projects in UAE
POWER & RENEWABLE ENERGY
29 Jan 2025

CleanMax Announces Financing for Onsite Solar Projects in UAE

Virtusa Foundation’s School Restoration Project Wins UNESCO Award
ECONOMY & POLICY
29 Jan 2025

Virtusa Foundation’s School Restoration Project Wins UNESCO Award

Godrej Enterprises Targets 20% Growth for Power Infra Biz
POWER & RENEWABLE ENERGY
29 Jan 2025

Godrej Enterprises Targets 20% Growth for Power Infra Biz

MNRE Secretary Reviews IREDA Performance and Strategic Vision
ECONOMY & POLICY
29 Jan 2025

MNRE Secretary Reviews IREDA Performance and Strategic Vision

India Adopts Drone Delivery for Postal Services
Technology
29 Jan 2025

India Adopts Drone Delivery for Postal Services

India Sotheby’s Survey Shows Continued Demand for Luxury Real Estate
Real Estate
29 Jan 2025

India Sotheby’s Survey Shows Continued Demand for Luxury Real Estate

Global mining needs $1.7 Trn investment for energy transition: Hebbar
COAL & MINING
29 Jan 2025

Global mining needs $1.7 Trn investment for energy transition: Hebbar

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000