Commodity: slight increase in oil prices : Orishas-finance

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Commodity: slight increase in oil prices

07/03/2024

Source : ORISHAS-FINANCE

Categories: Raw materials

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Commodity: slight increase in oil prices

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On Wednesday, oil prices fell slightly.

Concerns about growing demand in China, the world's largest importer of rough diamonds, are clashing with signs of tight supply as part of production cuts from major producers.

Brent oil futures lost 13 cents to $81.91 per barrel at 0045 GMT, while West Texas Intermediate oil futures lost 11 cents to $78.04 per barrel. Oil prices were supported by a weaker US dollar, encouraging demand from buyers who pay in other currencies. According to Daniel Hynes, senior commodity strategist at ANZ, “Crude oil futures declined slightly amid declining market risks. This is happening despite continued signs of stress in the physical market

.”

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