Oil prices fall on swelling US crude inventories

Quick Summary:

Oil prices fell on Wednesday after US data showed rising crude inventories, but losses were limited by the risk of Iranian supply disruptions caused by the Middle East conflict and Hurricane Milton in the US.

US West Texas Intermediate (WTI) futures settled down 33 cents or 0.5%, at US$73.24 a barrel.

The US Energy Information Administration (EIA) on Tuesday downgraded its demand forecast for 2025 on weakening economic activity in China and North America.

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Category: EconomyBusiness

Markets: MalaysiaChinaIsrael

Topics: Commodities IranOilRisk /Business/ ChinaDemand MiddleEastTensions OilPrices CrudeFutures USCrudeInventory GasolineSupply HurricaneImpact

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-10 @ 07:32:00 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 541 words

Reading Time: 4 minutes read

Sentences: 24 lines

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Copyright Owner: © The Star

News ID: 22972645

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