Particle.news

Download on the App Store

Oil Prices Dip to Six-Month Low Amid Demand Concerns and Market Volatility

Algorithmic trading and economic uncertainties in the US and China contribute to the recent decline in oil prices.

Image
Image
Fuel storage tanks at the Phillips 66 Los Angeles refinery in Wilmington, California, US, on Thursday, March 21, 2024. Phillips 66 is scheduled to release earnings figures on April 26. Photographer: Bing Guan/Bloomberg

Overview

  • West Texas Intermediate crude fell below $72 per barrel, the lowest since February.
  • US crude supplies dropped significantly, but demand concerns persist.
  • Ceasefire talks in Gaza have eased supply disruption fears.
  • Economic data revisions in the US and weak demand in China impact market sentiment.
  • OPEC+ may reconsider output plans amid falling prices and global demand challenges.