Oil prices fell on Friday on signs demand in China, the world's biggest crude importer, continues to underperform amid its uneven economic recovery.
Oil prices fell on Friday on signs demand in China, the world's biggest crude importer, continues to underperform amid its uneven economic recovery.
Brent crude futures were down 65 cents, or 0.9%, at $71.91 a barrel by 0450 GMT. U.S. West Texas Intermediate crude futures were down 62 cents, or 0.9%, at $68.08.
For the week, Brent is set to fall 2.7% while WTI is set to decline 3.3%.
"While oil prices have somewhat stabilised around the $71.00 level of support this week, the lack of a concrete bullish catalyst suggests that price recovery remains tepid for now," Yeap Jun Rong, market strategist at IG, said in an email.
The prospect of higher supplies from the U.S. and OPEC+ along with doubts over China's economic recovery continue to be of concern, while the odds of a December rate cut are now "closer to a coin flip" under a less dovish Federal Reserve, Yeap added.
China's oil refiners in October processed 4.6% less crude than a year earlier, falling year-on-year for a seventh month, amid the closures of some plants and reduced operating rates at smaller independent refiners, data from the National Bureau of Statistics showed on Friday.
The decline in run rates occurred as China's factory output growth slowed last month and demand woes in its property sector showed few signs of abating even though consumer spending increased, government data showed.
Oil prices also fell this week as major forecasters indicated market fundamentals remained bearish.
The International Energy Agency forecast global oil supply will exceed demand in 2025 even if cuts remain in place from OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, as rising production from the U.S. and other outside producers outpaces sluggish demand.
U.S. crude inventories last week rose by 2.1 million barrels, the Energy Information Administration (EIA) said on Thursday, much more than analysts' expectations for a 750,000-barrel rise.
Gasoline stocks fell by 4.4 million barrels last week to the lowest since November 2022, the EIA said, compared with analysts' expectations in a Reuters poll for a 600,000-barrel build. Distillate stockpiles, which include diesel and heating oil, also fell unexpectedly by 1.4 million barrels, the data showed.
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Start your day informed with AnewZ Morning Brief: here are the top news stories for April 19th, covering the latest developments you need to know.
he Trump administration has replaced the Covid.gov website, once a central hub for COVID-19 resources, with a new platform focusing on the lab leak theory regarding the virus's origins.
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Mount Etna, one of the world's most active volcanoes, erupted once more early on Saturday, with ash and lava spewing from the southeastern crater. The eruption, which began late Friday night, continued through midday, local sources reported.
At least 17 people were killed when suspected cattle herders launched attacks on communities in central Nigeria's Benue State on Thursday, police confirmed. The assault is part of a worrying resurgence in violent clashes between farmers and herders, which have long plagued the region.
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U.S. President Donald Trump announced on Friday his plan to reclassify approximately 50,000 federal workers under a new category, "Schedule Policy/Career," which would make it easier to fire civil servants who do not align with his administration's policy agenda.
The U.S. Supreme Court issued an order early Saturday blocking the deportation of alleged Venezuelan gang members from Texas under the Alien Enemies Act, a wartime law from 1798.
Despite U.S. President Donald Trump’s reluctance to support military action, Israel has not ruled out launching a limited strike on Iran's nuclear facilities in the coming months, according to Israeli and other sources familiar with the matter.
Mount Etna, one of the world's most active volcanoes, erupted once more early on Saturday, with ash and lava spewing from the southeastern crater. The eruption, which began late Friday night, continued through midday, local sources reported.
At least 17 people were killed when suspected cattle herders launched attacks on communities in central Nigeria's Benue State on Thursday, police confirmed. The assault is part of a worrying resurgence in violent clashes between farmers and herders, which have long plagued the region.
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