Oil prices struggled to find their footing in Asian trade on Thursday after easing in the previous session on the back of a weakening global demand outlook.
Brent crude futures dropped 7 cents, or 0.1%, to $92.38 a barrel by 0310 GMT. U.S. West Texas Intermediate crude was down 21 cents at $87.06 a barrel, or 0.2%.
Last week, the producer group comprising the Organization of the Petroleum Exporting Countries and allies including Russia pushed prices higher when it agreed to cut supply by 2 million barrels per day .But OPEC on Wednesday cut its outlook for demand growth this year by between 460,000 bpd and 2.64 million bpd, citing the resurgence of China's COVID-19 containment measures and high inflation.
The U.S. Energy Department lowered its expectations for both production and demand in the United States and globally. It now sees just a 0.9% increase in U.S. consumption in 2023, down from a previous forecast for a rise of 1.7%.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Asian Stock Market: Traces S&P500 losses ahead of US CPI, oil drops on gloomy outlookMarkets in the Asian domain are following the footprints of the S&P500 as escalating anxiety ahead of the US Consumer Price Index (CPI) release has fo
Weiterlesen »
Oil prices shaky amid worsening demand outlookOil prices struggled to find their footing in early Asian trade on Thursday after a weakening global demand outlook depressed the market in the last session.
Weiterlesen »
Asian markets fall as hot U.S. inflation reading could push Fed toward more big rate hikesAsian stocks fell Thursday ahead of an update on U.S. inflation that investors worry will reinforce the Fed's plans for more aggressive interest rate hikes.
Weiterlesen »
The Asian Food Fixation'Asian food has crowded out Asian languages, arts, philosophies, and other cultural binding agents to become an object of jealous focus that must be protected from Alison Roman–esque neocolonialists who dare use yogurt or fish sauce.'
Weiterlesen »
SXSW to Host First Ever South Asian House (EXCLUSIVE)For the first time in its 37-year history, the SXSW festival in Austin will host South Asian House, an initiative to celebrate South Asians from India, Nepal, Pakistan, Bangladesh, Sri Lanka, Bhuta…
Weiterlesen »
Choy Sum (Asian Greens) with Garlic SauceIf you can't find choy sum for this Chinese recipe, whole baby bok choy or other leafy asian greens make a fine substitute.
Weiterlesen »