By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Oil expected to finish the week with a decline due to worries about demand and a more relaxed outlook on supply – News
Share
Notification Show More
Recent Saved
Workers in Bucharest face challenges as temperatures rise
World
Dress code guidelines for the Qatari government sector during office hours
Qatar
Court rules in favor of worker after company dismisses him for salary deductions over 6 years, awarding BD 27,000.
Bahrain
UAE to See Almost 30,000 New Millionaires in 5 Years
UAE
Proposed New Labor Law in Bahrain Targets Increasing Job Opportunities
Bahrain
Latest News
Rasmala Delivers Robotics-Enabled Logistics Facility in the Netherlands
Gulf
Marathon Des Sables confirms Jordan as the 2025 venue for the fifth year in a row
Gulf
Explore the Future: “Forum Moscow 2030. Territory of the Future” Invites Young UAE Visitors to Experience Innovation, Creativity, and Urban Adventure
Gulf
Ferrero’s Social Responsibility Project Kinder Joy of moving Beats Traditional PE Curriculum, Tapping into the Cognitive Functions, Motor Coordination and Life Skills of Students
Lifestyle
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025
Business Crypto
Moscow Metro Marks 90 Years with Technological Advancements and Heritage Events
Lifestyle World
Senkron Digital Showcases CyberPact Service at GISEC Global 2025
Gulf UAE
Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World
Business Gulf UAE
Barcelona Aims to Recover from European Heartbreak as They Face Real Madrid in La Liga, Chasing Their Third Title of the Season
Sports
UAE with 47% and Qatar with 36% Surge in Viewing Minutes as TOD Unveils its Enhanced Streaming Experience TOD 2.0
Lifestyle
L’Oréal Paris Celebrates the Groundbreaking Launch of MELASYL at the Iconic Museum of the Future
Lifestyle
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Oil expected to finish the week with a decline due to worries about demand and a more relaxed outlook on supply – News
Business

Oil expected to finish the week with a decline due to worries about demand and a more relaxed outlook on supply – News

News Room
Last updated: 2024/08/23 at 1:39 PM
News Room
Share
3 Min Read
SHARE

Oil prices saw some stabilization and a slight increase on Friday but remained lower for the week due to concerns over weaker U.S. employment data and ongoing ceasefire talks in Gaza. Brent crude futures rose by 0.9% to $77.89 a barrel, while U.S. WTI crude futures increased by 1% to $73.70. Both benchmarks had fallen to their lowest levels since early January earlier in the week following the U.S. government’s revision of job numbers added by employers this year through March.

The job revision sparked fears of a potential recession in the U.S. impacting oil demand, but some analysts believe that the market overreacted. Federal Reserve Chair Jerome Powell’s upcoming speech will be closely watched by the market, with expectations of a rate cut next month. While a quarter point cut in September is already priced in, a larger half point cut might have a less favorable reception as it goes against the Fed’s intention to manage a controlled transition away from tightening.

Morgan Stanley highlighted that a drawdown in oil inventories has provided some support to oil prices. The bank mentioned that the oil market balance is currently tight, with inventories decreasing by approximately 1.2 million barrels per day in the last four weeks, which is expected to continue throughout the third quarter. Additionally, recent data from China, the leading oil importer, indicates a struggling economy and slowing oil demand from refiners. The renewed efforts for a ceasefire in Gaza between Israel and Hamas have also contributed to easing supply concerns and adding pressure on oil prices.

The market remains cautious due to the uncertainty surrounding the U.S. economy and global geopolitical tensions. The demand for oil has also been affected by the struggling Chinese economy, indicating a broader slowdown in global growth. As negotiations continue in Cairo to reach a truce between Israel and Hamas, the outcome could impact oil prices further depending on the geopolitical developments in the region. The market will be looking to key economic indicators and geopolitical events for further guidance on oil prices in the coming weeks.

Overall, while oil prices experienced some recovery on Friday, the week saw a downward trend due to various factors impacting the market. The focus remains on key events such as the upcoming Federal Reserve decision on interest rates, ongoing geopolitical tensions, and economic indicators from major oil-consuming countries. Investors are advised to monitor these developments closely to make informed decisions regarding oil investments. Despite the temporary stabilization in oil prices, the market is likely to remain volatile in the coming weeks, reflecting the uncertainty and risks associated with global economic conditions and geopolitical tensions.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room August 23, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article UAE: Government employees to have flexible work hours; which emirates will implement back-to-school rule?
Next Article The leading candidate to succeed Barclay as Chief of the International Cricket Council is India’s Shah
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

Rasmala Delivers Robotics-Enabled Logistics Facility in the Netherlands
Gulf August 4, 2025
Marathon Des Sables confirms Jordan as the 2025 venue for the fifth year in a row
Gulf July 31, 2025
Explore the Future: “Forum Moscow 2030. Territory of the Future” Invites Young UAE Visitors to Experience Innovation, Creativity, and Urban Adventure
Gulf July 30, 2025
Ferrero’s Social Responsibility Project Kinder Joy of moving Beats Traditional PE Curriculum, Tapping into the Cognitive Functions, Motor Coordination and Life Skills of Students
Lifestyle July 14, 2025

You Might also Like

Tech

Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World

July 1, 2025
Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessGulfUAE

Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World

May 10, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
Business

NTT DATA Business Solutions Expands Presence in UAE with Stronger Regional Leadership

March 28, 2025

Sustainable Moving Services: How Dubai’s Moving Companies Are Going Green

February 20, 2025
Tech

CNTXT and Oracle Strengthen AI Collaboration to Drive Innovation

February 14, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?