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Oil Heads for Weekly Drop as Demand Woes Offset Middle East Risk
Oil headed for a fourth weekly drop as demand concerns in the world’s two biggest economies overshadowed heightened geopolitical risk. Brent crude traded near $80 a barrel after dropping by 1.6% on Thursday, while West Texas Intermediate was below $77. Factory gauges in the US and China both showed a contraction on Thursday, indicating signs of weakness in manufacturing. Crude had jumped on Wednesday after the killing of Hamas and Hezbollah leaders led to heightened tensions in the Middle East. Oil is set for its longest streak of weekly declines since December, as concerns linger about consumption in No. 1 ... (full story)
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- Posted: Aug 1, 2024 8:59pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 210
