Thursday, 25 July 2024

Oil prices fell due to weak consumer demand in America


Oil prices fell in early Asian trading on Monday after a survey on Friday showed weak demand among American consumers, while traders awaited the publication of key economic data from China, the largest importer of crude in the world.

Brent crude futures fell 15 cents, or 0.18%, to $82.47 per barrel, and US West Texas Intermediate crude futures fell 16 cents, or 0.2%, to $78.29 per barrel. According to Reuters.

Both crudes fell on Friday after a survey showed that consumer morale in the United States declined in June to its lowest level in 7 months, but the two benchmarks gained about 4% last week, their highest weekly increase since April, due to signs of increased demand for fuel.

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Analysts at ANZ Bank said in a note that economic data from China on Monday will determine the path that commodity markets take this week.