Singapore – Oil prices fell during early trading on Thursday morning, pressured by ongoing concerns over slowing global demand amid weak economic indicators from major energy-consuming nations.
Brent crude futures dropped by 51 cents, or 0.77%, to $65.74 a barrel, while U.S. West Texas Intermediate crude declined by 55 cents, or 0.88%, to settle at $62.00 a barrel.
This decline comes amid noticeable volatility in global markets, resulting from uncertainty surrounding the economic growth outlook, along with continued pressure on demand levels in both Asia and Europe, despite efforts by the “OPEC+” alliance to support market stability.
Investors are awaiting the release of upcoming economic data, along with the U.S. oil inventories report, which is expected to provide further indicators on the direction of global demand in the coming period.