The post WTI edges lower to near $75.00 amid China demand concerns, Libya supply risks might cap its downside appeared on BitcoinEthereumNews.com.

WTI price loses ground near $75.15 in Thursday’s early Asian session.  Soft demand in China weighs on the WTI price.  The threat of supply disruptions in Libya and Middle East geopolitical risks might cap the downside.  West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $75.15 on Thursday. The WTI price edges lower as investors are concerned about slower economic growth in China. However, oil supply risks in the Middle East and Libya might help limit the WTI’s losses.  The sluggish economy and slowing oil demand in China raise the fear of the economic health of the world’s largest importer of oil, which weighs on the WTI price. “Demand in China remains weak, and the expected second-half rebound has yet to show credible signs of commencing,” Amarpreet Singh, an analyst at Barclays, said in a note. US crude oil stocks fell less than expected last week. According to the Energy Information Administration (EIA), crude oil stockpiles in the United States for the week ending August 23 dropped by 0.846 million barrels to 425.2 million barrels, compared to a fall of 4.649 million barrels in the previous week. The market consensus estimated that stocks would decline by 3.0 million barrels. On the other hand, the potential oil supply disruptions in Libya might cap the downside for the WTI price in the near term. UBS analyst Giovanni Staunovo noted that the Libyan disruptions should tighten the oil market, considering real barrels are removed, but here investors want to see a drop in Libyan crude exports first. Crude oil prices climbed on Monday amid increased rivalry between competing governments in Libya, which has Africa’s biggest crude oil reserves. WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three…

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Filed under: News - @ August 29, 2024 12:26 am