Oil prices settle lower as strong Russian crude demand offset US GDP data
by SOURAV D | VIEW 489
On Friday, both US WTI (West Texas Intermediate) and UK crude oil futures’ prices had closed out the week almost flatlined, as robust demands of Russian crude appeared to have offset the pessimism spiralling around a cascade of caustic US data last week. If truth is to be spoken, US GDP grew by 2.9 per cent over Q4, 2022, however, nearly a half of the percentage points’ gains came from an unprecedented increase in inventories, as American households appeared to be tightening their belts on spending amid a lacerating inflation-surge. Aside from that, optimism over a rapid recovery in China oil demand following an end of a three-year long zero-Covid policy coupled with a strong middle distillate margins appeared to have heightened up investors’ morale, eventually paring some of weekly losses following a week that was marred with a mirage of mixed signals.
Crude oil falls amid strong Russian crude demand
Citing statistics, in the day’s commodity market round-off, the UK crude futures’ prices faltered 0.9 per cent to $86.66 a barrel, while US WTI (West Texas Intermediate) crude oil futures’ prices rose by 1.6 per cent to $79.68 a barrel.
Over the week, UK crude oil futures’ prices remained almost dithered compared to last week’s settlement, while US WTI crude oil futures’ prices had been met with a hefty whiplash of 2.0 per cent.