Oil Prices Dip as U.S. Consumer Sentiment Weakens

Falling consumer sentiment and mixed economic data influence oil market trends despite strong fuel demand.

Brent and WTI crude futures both saw slight declines, marking the end of a four-week gain streak.
U.S. consumer sentiment hit an eight-month low in July, impacting market outlooks.
The producer price index rose by 0.2% in June, slightly above expectations.
U.S. oil rig count fell to its lowest since December 2021, signaling potential future output decreases.
Strong U.S. gasoline and jet fuel demand provided some support to oil prices.