Oil falls on concerns of weaker demand forecasts, slowing U.S. economy
Written by Black Hot Fire Network on July 4, 2024
By Katya Golubkova and Trixie Yap
(Reuters) -Oil prices fell in Asia on Thursday, with investors turning cautious on expectations of lower demand as U.S. employment and business data came in weaker than forecast, signalling the economy of the world's top oil consumer may be cooling.
Brent crude futures were down 48 cents, or 0.55%, at $86.86 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 51 cents, or 0.62%, to $83.36 by 0342 GMT, with activity thinned by the U.S. Independence Day holiday.
