WASHINGTON (dpa-AFX) - Oil held a decline on Thursday as geopolitical risk premium moderated further due to easing Middle East tensions.
Concerns about a potential slowdown in the U.S. economy and the prospects for delayed interest rate cuts also weighed on prices, though data showing an unexpected inventory draw helped limit the downside to a significant extent.
Benchmark Brent crude futures slipped 0.1 percent to $87.91 a barrel, while WTI crude futures were down 0.2 percent at $82.63.
Tensions between Iran and Israel have eased, but Israeli attacks on Gaza are expected to worsen.
Media reports suggest that at least five people, including children, have been killed and several wounded in the latest Israeli strikes on a residential building in southern Gaza's Rafah city.
Meanwhile, data from the U.S. Energy Information Administration on Wednesday showed that crude inventories plunged over six million barrels, when a build of around 1.6 million barrels had been expected.
Gasoline stockpiles fell less than forecast while distillate stockpiles rose against expectations of a decline, reflecting signs of slowing demand.
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