Oil prices little changed as US stockpile drop offsets global demand woes

By Katya Golubkova

TOKYO (Reuters) – Oil prices were little changed on Thursday after falling in the previous session as signs of higher fuel demand and falling stockpiles in the U.S., the world’s biggest oil user, offset concerns over demand elsewhere, particularly in China.

Brent crude futures were up 9 cents, or 0.12%, to $73.55 a barrel, while U.S. West Texas Intermediate crude rose 4 cents, or 0.06%, to $69.73 per barrel as of 0058 GMT.

Oil prices slumped over 2% on Wednesday as worries over supply disruptions in Libya eased and demand concerns continued despite China’s latest stimulus plans. Oil prices initially rose following the stimulus announcement from the world’s biggest oil importer.

“While the announcement of new stimulus measures by Chinese officials coincided with increases in many commodity prices, the package does not materially alter the outlook for China’s commodity demand,” Capital Economics said in a note.

Signs of the return of Libyan oil to the market are also weighting on prices, after delegates from divided Libya’s east and west have agreed on the process of appointing a central bank’s governor, a step which could help resolve the crisis over control of the country’s oil revenue that has disrupted exports.

The market shrugged off data that showed stronger demand in the United States, ANZ Research said in a note, as the Energy Information Administration (EIA) reported that U.S. oil inventories fell more-than-expected across the board last week.

“Any revival in Libyan production would return to a market that is already beset by concerns of weak demand in the U.S. and China,” ANZ Research said.

Still, gasoline demand on a weekly product supplied basis climbed to over 9 million barrels per day (bpd) last week, the EIA data showed, while distillate fuel supplied to the market rose to over 4 million bpd.

This post is originally published on INVESTING.

  • Related Posts

    Oil falls after Trump reverses Colombia sanctions threat

    By Anna Hirtenstein LONDON (Reuters) -Oil prices wavered on Monday after the U.S. and Colombia reached a deal on deportations, reducing immediate concern over oil supply disruptions but keeping traders…

    Dollar gains on tariffs fears; euro looks to ECB meeting

    Investing.com – The US dollar slipped lower Monday, rebounding after recent losses as attention returned to the potential for trade tariffs from the Trump administration at the start of a…

    Leave a Reply

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

    You Missed

    Difference Between Technical and Fundamental Analysis in Forex

    • August 2, 2025
    Difference Between Technical and Fundamental Analysis in Forex

    Weekly Recap: eToro Launches 24/5 Trading for Top 100 US Stocks, AETOS Surrenders FCA License

    • August 2, 2025
    Weekly Recap: eToro Launches 24/5 Trading for Top 100 US Stocks, AETOS Surrenders FCA License

    What Is the Difference Between Pip and Point in Forex?

    • August 1, 2025
    What Is the Difference Between Pip and Point in Forex?

    Interactive Brokers’ Trading Activity Jumps 27% as Client Assets Surge

    • August 1, 2025
    Interactive Brokers’ Trading Activity Jumps 27% as Client Assets Surge

    What Is the Gold Standard and Why Do Some Countries Want It?

    • August 1, 2025
    What Is the Gold Standard and Why Do Some Countries Want It?

    What Is The Difference Between Core and Headline Inflation?

    • August 1, 2025
    What Is The Difference Between Core and Headline Inflation?