Baghdad/NinaOil prices varied in early Asian market trading on Friday, with investors evaluating expectations of a slowdown in demand and weak US retail sales data that revived hopes about a reduction in US interest rates.
Brent crude futures fell 11 cents, equivalent to 0.1 percent, and reached $82.75 per barrel, while US West Texas Intermediate crude futures rose one cent to $78.04 per barrel.
The two benchmarks rose more than one percent yesterday, Thursday, as a larger-than-expected decline in US retail sales raised hopes that the Federal Reserve (the US central bank) would begin lowering interest rates in the coming months, which could be positive for demand for oil.
A US Department of Commerce report showed that retail sales fell by 0.8 percent last month, the largest decline since February 2023.
The International Energy Agency’s monthly report stated that it expects global oil demand to grow by 1.22 million barrels per day this year, a slight decrease from last month’s estimates, while OPEC stuck to higher expectations for growth at 2.25 million barrels per day./End2
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