Oil prices edge up as OPEC+ may delay supply hike, US stockpiles fall

Quick Summary:

OIL prices edged up after plunging to multi-month lows previously as major producers may delay an output increase planned for next month and U.S.inventories fell, though the gains were limited by persistent demand concerns.

West Texas Intermediate crude futures for October were up 35 cents, or 0.51%, to $69.55 after dropping 1.6% on Wednesday to the lowest settlement since Dec.11.

"Economically, the slowdown in the Chinese economy and weak oil demand there, which has surprised some in the market, have damaged market confidence," Citi analysts said in a note.

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Category: EconomyBusiness

Markets: MalaysiaChina

Topics: OPEC WTI Energy Brent /Business/Business News

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-05 @ 15:45:00 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

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