WASHINGTON (dpa-AFX) - Oil futures snapped a four-day winning streak and settled lower on Friday amid uncertainty about the outlook for demand after recent data showed a jump in crude inventories in the U.S.
Data showing drop in U.S. consumer sentiment in the month of June, and a firm dollar weighed too.
The International Energy Agency's forecast that oil demand in 2024 will likely drop to 0.96 million barrels per day, down 0.1 million bpd from the earlier estimate, hurt a bit as well.
West Texas Intermediate Crude oil futures for July ended down by $0.17 or about 0.22% at $78.45 a barrel. WTI crude futures gained nearly 4% in the week.
Brent crude futures dropped $0.13 or 0.16% to $82.62 a barrel.
Oil prices were supported earlier in the week after the US Energy Information Administration (EIA) revised its global oil demand growth forecast for 2024 to 1.1 million barrels per day, up from the previous estimate of 900,000 barrels per day.
A report released by the University of Michigan today showed the consumer sentiment index fell to 65.6 in June after tumbling to 69.1 in May. Economists had expected the index to rebound to 72.0.
The continued slump by the headline index partly reflected a notable decline by the current economic conditions index, which slid to 62.5 in June from 69.6 in May.
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