Oil prices largely still after big moves on Wednesday

An oil tank of Shell is seen as a pilot flame burns atop a flare stack at the refinery of the Shell Energy and Chemicals Park Rheinland in Godorf, Germany on August 3 2022. Picture: REUTERS/WOLFGANG RATTAYOil prices were broadly steady on Thursday as the market weighed tight supply against demand fears, after a build in US crude and petrol stocks sent prices to multi-month lows in the previous session.

The move followed an unexpected surge in US crude inventories last week. Petrol stocks, the proxy for demand, also showed a surprise build as demand slowed, the Energy Information Administration said. While the increase is equivalent to just 0.1% of global demand, the demand outlook remains clouded by rising fears of an economic slump in the US and Europe, debt distress in emerging market economies, and a strict zero-Covid-19 policy in China, the world’s largest oil importer.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Opec+ responds to Biden’s diplomacy with ‘smallest ever’ oil-production increasesThe cartel will give a tight market extra supplies at a much slower pace than in recent months, despite pressure from the White House to help cool prices
Source: BDliveSA - 🏆 12. / 63 Read more »

Nigeria - Illegal Oil Refineries Thriving Despite Government Crackdown"I want to give my family the best I can afford. We cannot just stay and survive. We really want to live," Tam G (not his real name) said. "This business really pays us; the income is good. We're not just talking of the owners of the product, we're talking of even the workers, they get good pay," he told DW.
Source: allafrica - 🏆 1. / 99 Read more »

Iran slams 'destructive' US sanctions targeting oil trade | The CitizenThe US government blacklisted six companies Monday that it said helped Iran export petrochemicals to East Asia in avoidance of sanctions over Tehran's nuclear programme.
Source: TheCitizen_News - 🏆 6. / 75 Read more »