Oil prices edged lower on Tuesday, breaking a five-day streak of gains, as markets refocused on concerns about demand after the Organization of the Petroleum Exporting Countries (OPEC) on Monday cut its forecast for demand growth in 2024 due to softer expectations in China. Global benchmark Brent crude futures dipped 41 cents, or 0.5%, lower to $81.89 a barrel. US West Texas Intermediate crude (WTI) futures fell to $79.63 a barrel, down 43 cents, or 0.5%. Brent had gained more than 3% on Monday, while US crude futures had risen more than 4%. Markets are also preparing for Wednesdays US consumer price index (CPI) report that will give a crucial read on inflation, with investors now worried that an overly depressed CPI number will fan fears of a downturn. Rate cuts tend to raise economic activity, which increases the use of energy sources such as oil. Source: Qatar News Agency
Related Articles
IMF Rises China’s 2024 Growth Forecast to 5%
China’s economic growth is projected to “remain resilient” at 5% this year, driven by its strong first-quarter data and recent policy measures, the International Monetary Fund (IMF) said after its team concluded a visit to the country.
That forecast …
Vodafone Qatar Extends its Knowledge Exchange Partnerships to Qatar Charity
Doha: Vodafone Qatar signed a Memorandum of Understanding (MoU) with Qatar Charity to establish a collaborative partnership for knowledge exchange.
This MoU comes in line with Vodafone Qatar’s Corporate Social Responsibility Program, under which Voda…
Minister of Oil: The Azmara Unit project in the Basra Refinery will save approximately 350 million dollars annually
Deputy Prime Minister for Energy Affairs, Minister of Oil, Hayan Abdul Ghani, confirmed: ‘The Al-Azmara project in the Basra Refinery is one of the important projects to increase the production of improved gasoline,’ while noting that the project will…