empty
 
 

2024.02.2919:15:00UTC+00Oil Futures Settle Lower For 2nd Straight Day

Oil futures settled lower on Thursday on concerns about reduced fuel demand weighed on prices, outweighing hopes about likely extension of production cuts by OPEC and its allies.

Recent data from the Energy Information Administration (EIA) showing a larger than expected increase in crude inventories in the U.S. weighed as well.

Data showing a slowdown in the annual rate of consumer price growth in January has generated some optimism about the outlook for interest rates.

West Texas Intermediate Crude oil futures for April ended down $0.28 or about 0.4% at $78.26 a barrel.

Brent crude futures were down $0.44 or 0.55% at $81.71 a barrel a little while ago.

The EIA data on Wednesday showed oil inventories in the U.S. rose by 4.2 million barrels last week, nearly two times the expected increase.

Persisting concerns about supply disruptions due to the tensions in the Middle East limited oil's downside.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In June we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback