Search: oil prices
![Oil prices steadied in Asian trade on Friday, taking some support from positive U.S. gross domestic product data, but concerns over sluggish demand conditions in Asia put crude on course for a third week of losses. Brent oil futures expiring in September steadied at $82.38 a barrel, while West Texas Intermediate crude futures rose slightly to $81.41 a barrel by 21:07 ET (01:07 GMT). Strong US GDP, rate cut hopes offer some support Gross domestic product data showed on Thursday that the U.S. economy grew more than expected in the second quarter, despite pressure from high rates and relatively sticky inflation. The reading drove up hopes that the world’s biggest fuel consumer was headed for a “soft landing,” where economic growth remained steady while inflation eased. This notion sparked increased optimism over a potential interest rate cut by the Federal Reserve in September. PCE price index data- the Fed’s preferred inflation gauge- is set to offer more cues on this front on Friday. The reading comes just days before a Fed meeting where some officials have called on the bank to begin cutting rates. Data showing steady drawdowns in U.S. oil inventories also offered some positive cues to oil markets, as fuel demand in the country remained robust amid the travel-heavy summer season. Oil set for third straight week of losses Still, Brent was down about 0.3% this week, while WTI was set to lose nearly 2% amid persistent concerns over slowing growth and demand in top importer China. Beijing unexpectedly cut a swathe of lending rates this week, further trying to loosen monetary policy amid growing concerns over sluggish growth in the country. Oil’s downturn was in part triggered by GDP data from last week, which showed the Chinese economy grew less than expected in the second quarter. Apart from China, uncertainty over Japan also grew following middling inflation data from Tokyo. A softer-than-expected reading on core inflation saw investors doubt whether the Bank of Japan will have enough headroom to hike interest rates next week. Any delay in a hike reflects lesser confidence in the Japanese economy. Speculation over a ceasefire between Israel and Hamas also weighed on oil prices, amid reports from the White House stating that the U.S. was close to brokering a deal. This kept traders from pricing in a risk premium into oil prices.](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/07/Oil-prices-19.jpg/w=1024,h=683)
Oil prices steady on strong U.S. GDP, but headed for third weekly losses
Oil prices steady on strong U.S. GDP, but headed for third weekly losses
![Oil prices](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/07/Oil-prices-18.jpg/w=1024,h=683)
Oil prices slip amid concerns over China’s demand, pending U.S. economic data
Oil prices slip amid concerns over China’s demand, pending U.S. economic data
![Oil prices](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/07/Oil-prices-17.jpg/w=1024,h=683)
Oil prices rebound after recent losses as industry data shows inventory drop, but surplus looms in 2025
Oil prices rebound after recent losses as industry data shows inventory drop, but surplus looms in 2025
![Oil prices fell on Tuesday, reaching their weakest levels since mid-June. This was driven by expectations of a supply surplus and uncertainty](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/07/Oil-prices-16.jpg/w=1024,h=683)
Oil prices fall to 1.5-month low amid weak outlook and surplus concerns
Oil prices fall to 1.5-month low amid weak outlook and surplus concerns
![Oil prices](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/07/Oil-prices-15.jpg/w=1024,h=683)
Oil prices rise as investors look for additional U.S. rate cut cues
Oil prices rise as investors look for additional U.S. rate cut cues
![Oil prices](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/07/Oil-prices-14.jpg/w=1024,h=683)
Oil prices retreat amid doubts about China’s demand outlook, signaling weekly losses
Oil prices retreat amid doubts about China’s demand outlook, signaling weekly losses
![Oil prices](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/07/Oil-prices-13.jpg/w=1024,h=683)
Oil prices rise amid declining U.S. crude inventories, Fed rate cut expectations
Oil prices rise amid declining U.S. crude inventories, Fed rate cut expectations
![Oil prices](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/07/Oil-prices-12.jpg/w=1024,h=683)
Oil prices stabilize amid declining U.S. reserves, slower China demand
Oil prices stabilize amid declining U.S. reserves, slower China demand
![Oil prices](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/07/Oil-prices-11.jpg/w=1024,h=683)
Oil prices dip amidst Chinese economic slowdown, anticipation of Fed interest rate cuts
Oil prices dip amidst Chinese economic slowdown, anticipation of Fed interest rate cuts
![Oil prices](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/07/Oil-prices-10.jpg/w=1024,h=683)