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14-05-23
Oil Prices Dip as US, Chinese Economic Data Heighten Demand Concerns
(MENAFN) Oil prices fell on Friday following the release of economic data from the world's top consumers, the US and China, which raised concerns about the trajectory of crude oil demand. International benchmark Brent crude was down 0.46 percent, trading at USD74.63 per barrel at 10.09 a.m. local time (1009 GMT), while the American benchmark West Texas Intermediate (WTI) was down 0.29 percent, registering at USD70.66 per barrel at the same time.
Both benchmarks lost earlier gains after consumer inflation in China, the world’s second-largest economy, rose at its slowest rate in more than two years in April. The National Bureau of Statistics (NBS) data released on Thursday showed that the consumer price index (CPI) increased by 0.1 percent year over year in April, falling short of forecasts and declining from the 0.7 percent rise recorded in March. This added to global economic uncertainty and concerns over the strength of the country's economic recovery.
WTI, however, rebounded slightly after US Energy Secretary Jennifer Granholm announced that the government intends to purchase oil to refill its Strategic Petroleum Reserve after the congressionally mandated drawdown ends in June. Nevertheless, the country's Energy Information Administration (EIA) reported late Wednesday that inventories increased by around 3 million barrels to 462.6 million barrels, raising further concerns about demand driven by the Fed's tight monetary policies.
Minneapolis Federal Reserve President Neel Kashkari expressed optimism about inflation rates during an event on Thursday but warned that the persistence of inflation means that the Fed will have to continue its efforts to manage it for an extended period of time. Kashkari's comments underscored the ongoing concerns about inflation and its impact on the global economy, including the oil market.
Overall, the economic data from the US and China has heightened concerns about the trajectory of crude oil demand, leading to a dip in oil prices. While there are some positive signals, such as the US government's plan to refill its Strategic Petroleum Reserve, the ongoing challenges posed by inflation and the Fed's monetary policies continue to create uncertainty for the oil market and the global economy.
MENAFN14052023000045014228ID1106238852
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