Oil Prices Experience Continued Decline Due to Demand Issues
Friday, 2 August 2024, 01:11
Recent Trends in Oil Prices
Oil prices experienced a minor rebound on Friday, but are heading towards a significant decline.
Current Market Performance
- Brent crude futures increased by 0.4% to $79.85 a barrel.
- U.S. West Texas Intermediate crude futures rose by 0.5% to $76.69.
- Previous declines included a 1.5% fall in Brent and a 2.1% drop in WTI on Thursday.
Weekly Outlook
- Brent futures are projected to decline by 1.7% this week.
- WTI futures are expected to drop by 1.1%.
Overall, the market is currently facing challenges as global fuel demand growth appears disappointing.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.