Oil prices decline, Brent crude falls to USD 83 per barrel

Economy

Published: 2024-02-23 10:26

Last Updated: 2024-04-13 22:57


Oil prices decline, Brent crude falls to USD 83 per barrel
Oil prices decline, Brent crude falls to USD 83 per barrel

Oil prices declined in Asia’s trading session on Friday, as investors observe signs of weakness in supplies amid ongoing concerns about declining demand.

Brent crude prices witnessed a decline to aroundUSD 83 per barrel after a 1.6 percent increase in the previous two sessions, while West Texas Intermediate (WTI) crude traded at approximately USD 78 per barrel, according to Bloomberg data analysis.

Price differentials in oil futures indicate a stronger market, while US crude inventories expanded less than expected last week.

Despite the smaller-than-expected increase in US crude inventories, they remain high for the fourth consecutive week. Inventories at the Cushing, Oklahoma delivery point for US crude futures extended for the second week but remain below seasonal averages, according to analysts.

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