WASHINGTON (dpa-AFX) - Crude oil prices are trading in a subdued manner as concerns about demand continued to linger. The expected release of the minutes of the recent FOMC meeting, which would provide cues on the likelihood of Fed rates remaining higher for longer, also played spoilsport with market sentiment.
The demand concerns also offset the supply concerns triggered by the conflict in the Middle East. Though Brent Oil Futures had touched a high of $93.79 and WTI Crude Oil Futures had traded at a high of $90.78 in the aftermath of the Israel-Hamas conflict, both the benchmarks are currently trading at prices below the levels that prevailed before the onset of the conflict, in early October.
Demand concerns spotlighted in the recent report by the International Energy Agency also weighed on sentiment.
Markets also keenly anticipate industry level data on crude oil inventories in the U.S. due on Wednesday. The American Petroleum Institute's Weekly Statistical Bulletin had showed crude oil inventories jumping by 8.52 million barrels in the week ended February 9, exceeding the increase of 674 thousand barrels a week earlier.
Official data from the U.S. Energy Information Administration is due on Thursday.
Brent Oil Futures for April settlement is currently trading at $83.31, having slipped 0.30 percent from the previous close of $83.56. The day's trading ranged between $83.64 and $82.60 whereas the 52-week trading range was between $70.06 and $97.69.
West Texas Intermediate (WTI) Crude Oil Futures for April settlement also declined 0.43 percent from the previous close of $78.46 to trade at $78.12. Prices ranged between a high of $78.55 and a low of $77.38. Trading ranged between $63. 64 and $95.03 over the past 52 weeks.
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