Oil Futures Settle Sharply Lower
2024-08-18
2232
(fxcue news) - Despite data showing a big drop in U.S. crude inventories in the week ended August 16th, oil prices fell to a seven-month low on Wednesday amid concerns about the outlook for demand.
Data from the Labor Department saying the U.S. economy added far fewer jobs than originally reported in the year through March presumably hurt investor sentiment.
Concerns about economic slowdown in China and weak outlook for demand from the nation also weighed on oil prices.
West Texas Intermediate Crude oil futures for October ended down $1.24 or about 1.7% at $71.93 a barrel.
Brent crude futures dropped to $76.05 a barrel, down $1.15 or about 1.49% from the previous close.
Data from the Energy Information Administration (EIA) showed crude inventories in the U.S. fell by 4.6 million barrels last week, after rising by 1.4 million barrels a week earlier. Oil inventories were expected to drop by 2.8 million barrels.
At 426.0 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year, the EIA added.
The report said motor gasoline inventories also fell by 1.6 million barrels last week and are about 3% below the five-year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, also slumped by 3.3 million barrels last week and are about 10% below the five-year average for this time of year.
Meanwhile, on the geopolitical front, the United States is pushing for a "decisive moment" for ceasefire negotiations between Israel and Hamas, but a breakthrough appears elusive.
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