Oil holds at 14-month low on demand worries
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Oil prices remain at a 14-month low due to concerns about demand in the US and China, alongside anticipated increases in Libyan supplies; Brent futures settled at US$72.69 and WTI at US$69.15, marking the lowest closes since June 2023 and December 2023 respectively; US Energy Information Administration reported a withdrawal of 6.9 million barrels from US inventories for the week ending August 30, exceeding the 1 million barrels forecast; Opec+ decided to delay planned output increases for October and November, potentially tightening fourth-quarter balances by 100,000-200,000 barrels per day; Analysts express skepticism about Opec+'s impact on prices, citing a surplus in gasoline stockpiles; US economic indicators show mixed signals with private job growth at a 3.5-year low and steady services sector activity; Federal Reserve expected to cut interest rates at the upcoming September 17-18 meeting.
#Oil #Opec+ #UsEconomy #China #Brent #Wti #Energy #MarketAnalysis #FederalReserve #Libya
https://www.nst.com.my/business/economy/2024/09/1102048/oil-holds-14-month-low-demand-worries
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