Oil slipped on weaker US consumer sentiment, higher prospect of Gaza peace talks
International benchmarks for crude oil inched lower on Friday, 12 July 2024 following a report from the University of Michigan that showed US consumer sentiment at eight-month lows despite inflation expectations improving.
International benchmarks for crude oil inched lower on Friday, 12 July 2024 following a report from the University of Michigan that showed US consumer sentiment at eight-month lows despite inflation expectations improving. The report outweighed the drawdown in US commercial crude inventory.
Investors also withdrew to the sideline to monitor the ceasefire negotiation progress between Israel and Hamas. The US government stated at the start of the week that both parties already agreed to the framework.
Brent settled 37 cents lower, at $85.03/barrel.
WTI slipped by 41 cents to close at $82.21/barrel.
Written by: Rochelle Nguyen