Oil dipped for the third consecutive session on demand worries
On Wednesday, 17 April 2024, oil prices experienced a 3% decline, marking the third consecutive session of decline on another surprise build-up in the US commercial crude inventories and concerning Chinese economic data.
On Wednesday, 17 April 2024, oil prices experienced a 3% decline, marking the third consecutive session of decline on another surprise build-up in the US commercial crude inventories and concerning Chinese economic data.
Although the Chinese GDP was stronger than expected in the first quarter of 2024, other areas including the property sector, retail sales, and industrial output indicate a fragile recovery progress.
In the meantime, the latest comments from the FED further erode investors’ hope for any meaningful cut in interest rates this year.
Brent futures decreased by $2.73 or 3% to settle at $87.29/barrel.
WTI fell by $2.67 or 3.1% to settle at $82.69/barrel.