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Storage levels registered a significant increase, reaching 421,1 million barrels in the United States, suggesting low demand.
The prices of oil fell considerably this Thursday, reflecting the easing of fears of a conflict wider in Middle East and the signs of demand weakening our United States. The oil futures Brent ended the day at $87,93 per barrel, representing a drop of $2,20 or 2,44%. Oil futures West Texas Intermediate (WTI) of the USA closed at 83,21 dollars per barrel, registering a drop of 2,18 dollars or 2,55%.
For some time, oil prices were driven by fears that conflict between Israel and the Palestinian militant group Hamas could affect global oil supplies. This concern involved the possibility of involvement of the Iran and its allies in the region. However, the safety award that was being paid since the beginning of the month appears to be decreasing, according to John Kilduff, partner at Again Capital LLC.
Current Trends in Oil Prices
Meanwhile, we United States, the crude oil stocks increased by 1,4 million barrels last week, reaching the mark of 421,1 million barrels. These numbers indicate weaker demand than expected. Analysts polled in a Reuters poll expected a gain of just 240 barrels. This drop in domestic demand contributed to the drop in oil prices.
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Still, it is important to highlight that the market remains attentive to possible geopolitical events that could affect oil supply and demand. Conflicts in the Middle East and other external factors can significantly influence barrel prices, making the market volatile and unpredictable.
Geopolitical Factors and Impact on the Oil Market
It is important to highlight that the oil is extremely sensitive to changes in offer and demand. Any change in world stocks, as well as events political e economic, can have a significant impact on prices. Therefore, it is essential to closely monitor trends and developments in the oil market to make informed decisions about investments and business strategies.
In summary, oil prices fell this Thursday due to the decrease in fears of conflict in the Middle East and weakening demand in the United States. However, it is important to stay up to date with geopolitical events and changes in global supply and demand, as these factors can influence oil market volatility.
