{"id":46554,"date":"2023-08-09T22:23:25","date_gmt":"2023-08-10T02:23:25","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-prices-edge-lower-from-2023-highs-u-s-inflation-awaited\/"},"modified":"2023-08-09T22:23:27","modified_gmt":"2023-08-10T02:23:27","slug":"oil-prices-edge-lower-from-2023-highs-u-s-inflation-awaited","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46554","title":{"rendered":"Oil prices edge lower from 2023 highs, U.S. inflation awaited"},"content":{"rendered":"
\n

Investing.com– Oil prices fell slightly on Thursday, retreating from multi-month highs as traders turned cautious ahead of key U.S. inflation data due later in the day, while concerns over sluggish Chinese demand also remained in play.<\/p>\n

Strength in the , ahead of Thursday\u2019s reading, was the biggest hurdle to the oil price rally, as markets bet on a slight uptick in U.S. inflation.\u00a0<\/p>\n

But crude prices still traded near their highest levels for the year, as data showed that U.S. fuel demand remained robust.<\/p>\n

fell 0.2% to $87.39 a barrel, while West Texas Intermediate crude futures fell 0.2% to $84.25 a barrel by 21:11 ET (01:11 GMT). Brent hit a six-month high on Wednesday, while WTI touched its strongest level since November 2022.\u00a0<\/p>\n

U.S. CPI data awaited\u00a0<\/h2>\n

Sentiment was largely strained ahead of key U.S. consumer price index data due later in the day.<\/p>\n

Markets were on edge as analysts forecast a potentially stronger reading for July, which could indicate that inflation remained sticky and well above the Federal Reserve\u2019s 2% annual target range.<\/p>\n

High inflation is expected to provide more impetus to the Fed to maintain its hawkish stance- a scenario that could weigh on economic activity in the remainder of the year, potentially hurting oil demand.<\/p>\n

The prospect of higher-for-longer rates also boosted the dollar in recent weeks. A stronger dollar makes oil more expensive for international buyers.<\/p>\n

Tighter supplies, robust U.S. fuel demand underpin oil prices<\/h2>\n

While data released on Wednesday showed unexpectedly grew in the week to August 4, it also showed a much bigger-than-expected draw in and stockpiles.<\/p>\n

The reading showed that fuel demand in the world\u2019s largest fuel consumer remained robust despite higher interest rates and inflation.\u00a0<\/p>\n

The reading also spurred hopes that global oil markets will tighten further in the coming months, following extended supply cuts from Saudi Arabia and Russia.\u00a0<\/p>\n

Chinese demand recovery in question after weak data<\/h2>\n

A slew of weak economic readings from China drove up concerns over a demand recovery in the world\u2019s largest oil importer. China\u2019s oil imports also sank to their second-lowest level this year in July, as a post-COVID economic recovery ran out of steam.\u00a0<\/p>\n

But Beijing is now expected to roll out more stimulus measures in the coming months, which could help push up economic activity and oil demand in the country.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com– Oil prices fell slightly on Thursday, retreating from multi-month highs as traders turned cautious ahead of key U.S. inflation data due later in the day, while concerns over sluggish Chinese demand also remained in play. Strength in the , ahead of Thursday\u2019s reading, was the biggest hurdle to the oil price rally, as markets […]<\/p>\n","protected":false},"author":1,"featured_media":6575,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-46554","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil prices edge lower from 2023 highs, U.S. inflation awaited | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- Oil prices fell slightly on Thursday, retreating from multi-month highs as traders turned cautious ahead of key U.S. inflation data due\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=46554\" 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