International oil prices fell on Tuesday (24th).

(Bloomberg file photo)

[Financial Channel/Comprehensive Report] International oil prices fell on Tuesday (24th) due to concerns about a global economic slowdown and preliminary data showing that U.S. oil inventories rose more than expected.

According to Reuters, West Texas Intermediate crude oil for March delivery fell $1.49, or 1.8%, to $80.13 a barrel; Brent crude oil for March delivery fell $2.06, or 2.3%, to $86.13 a barrel.

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U.S. business activity contracted for the seventh straight month in January, even as the downturn in manufacturing and services eased for the first time since September, and business confidence gradually strengthened as the new year began.

The S&P Global Composite PMI (Purchasing Managers Index) showed that business activity in the euro zone unexpectedly returned to moderate growth in January, while the economic activity of private companies in the UK declined at the fastest rate in two years.

OANDA analyst Edward Moya said in a report that the U.S. economy "could still reverse," and some energy traders remained skeptical about how quickly China's crude oil demand would rebound this quarter.

Market sources cited data from the American Petroleum Institute (API) as saying crude inventories rose by about 3.4 million barrels in the week ended Jan. 20, three times the forecast in a preliminary Reuters poll.

Meanwhile, OPEC+ is likely to approve the group's current oil output forecast when it meets next week, five people familiar with the matter said on Tuesday, as hopes that rising Chinese demand will drive oil prices outweigh concerns about inflation and global growth. offset, and thus slowed down.

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