Sunday, July 7, 2024

Oil dips in Asia after mixed US report

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SINGAPORE– Oil prices fell in Asia followed a mixed US petroleum report that showed an increase in reserves but a dip in production. US benchmark West Texas Intermediate for October delivery fell 45 cents to $45.80 while Brent crude for October slipped 38 cents to $50.12 in late-morning trade.Prices turned sharply lower Tuesday and have been edging down since after weak manufacturing data from China and the United States clouded the outlook for demand growth in the two biggest energy consumers. They had surged more than 25 percent over the three days before that. The US Department of Energy’s petroleum report for the week to August 28 showed commercial crude stocks rose 4.7 million barrels to 455.4 million barrels, sitting near eight-decade highs. The increase was much bigger than the 900,000 barrels on average expected surveyed by experts Bloomberg News. Crude output, however, fell 119,000 barrels to 9.22 million a day. Gasoline inventories fell 300,000 barrels to 214.2 million. Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy firm EY, said “the global supply-demand imbalance remains in focus” following the release of the latest US energy report.—APP

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