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Commodity News Details
Weekly Crude Oil Review: Futures Test Two Week Low Before Witnessing Some Stability
13-Jul-2024 14:25
WTI Crude oil futures eased to test a two week low under $81 per barrel as corrective action stayed in place after recent surge in the commodity. Some stability is emerging in the counter now and prices are back above $82 per barrel mark as markets eye near term fundamentals. The US Energy Information Administration (EIA) has raised its estimates for benchmark crude-oil prices for 2024 on increased global stock drawdowns in the second half of the year. In its Short-Term Energy Outlook, the EIA said that it expects the spot price for international benchmark Brent to average $86.37 a barrel this year, up from $84.15 in its previous forecast. It expects WTI crude averaging $82.03 a barrel, up from $79.70 previously. EIA noted that total oil inventories in the OECD remain near the lower bound of their recent five-year range (2019'2023). However, oil market will also be tracking tepid Chinese imports data. China's crude oil imports in June dropped 11% on year ago basis. The total imports of oil were 46.45 million metric tonnes, data from the General Administration of Customs showed. Crude oil imports in first six months of 2024 fell 2.3% on year amid tepid demand.

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