Oil Set for Nearly 4% Weekly Loss on Concerns Over Chinese Demand
Oil prices declined on Friday afternoon, setting up for a weekly loss due to concerns about weakening Chinese demand and expectations of fewer interest rate cuts from the Federal Reserve.
Brent crude futures dropped 97 cents, or 1.34%, to $71.59 per barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 94 cents, or 1.37%, to $67.76 per barrel. For the week, Brent was down 3%, and WTI was nearly 4% lower.
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China’s oil refineries processed 4.6% less crude in October compared to 2023, mainly due to plant shutdowns and reduced operating rates among smaller independent refineries, according to data released Friday by the National Bureau of Statistics.
Meanwhile, China’s factory output growth slowed last month, and demand issues in the real estate sector showed few signs of easing, heightening investor concerns about the economic health of the world’s largest crude importer.
On Thursday, Federal Reserve Chair Jerome Powell indicated that the U.S. central bank does not need to rush into lowering interest rates.
A slowdown in anticipated rate cuts could hamper economic growth, thereby limiting fuel demand.
Oil prices also fell this week as major forecasters pointed to a slowdown in global demand growth.
The International Energy Agency (IEA) forecasted that global oil supply would exceed demand by over 1 million barrels per day by 2025, even if OPEC+ production cuts remain in place. Meanwhile, OPEC downgraded its global oil demand growth forecast for this year and 2025.
The U.S. Energy Information Administration (EIA) reported that gasoline inventories fell by 4.4 million barrels last week, reaching their lowest level since November 2022, which offset a 2.1 million barrel increase in crude oil inventories.
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