Saudi Press

Saudi Arabia and the world
Wednesday, Feb 05, 2025

Oil Updates — Prices head for another monthly decline as weak US data weighs

Oil Updates — Prices head for another monthly decline as weak US data weighs

Oil prices were heading for another monthly decline on Friday after disappointing US economic data and uncertainty over further interest rate hikes weighed on the demand outlook, according to Reuters.
Brent crude futures for June were up 54 cents, or 0.7 percent, at $78.91 a barrel by 1:40 p.m. while the more actively traded July contract was up 35 cent at $78.56. Brent is set for its fourth straight monthly fall.

Brent prices retraced earlier losses after data showed the euro zone returned to growth in the first quarter, albeit only modestly and more slowly than expected.

US West Texas Intermediate crude lost 15 cents, or 0.2 percent, to trade at $74.61 a barrel and is set for its sixth straight monthly decline.

Data on Thursday showed that US economic growth slowed more than expected in the first quarter.

Investors are worried that potential interest rate hikes by inflation-fighting central banks could slow economic growth and dent energy demand in the United States, Britain and the European Union. The US Federal Reserve’s next policy meeting is over May 2-3.

On the supply side, Russian Deputy Prime Minister Alexander Novak said on Thursday the Organization of the Petroleum Exporting Countries and its allies, including Russia, known collectively as OPEC+, saw no need for further output cuts despite lower than expected Chinese demand.

OPEC+ this month cut its combined output target by about 1.16 million barrels per day, which sent oil prices higher.

The market rallied on the OPEC+ announcement but has since weakened on concern about possible recession and the impact that would have on demand.

Energy Information Administration data this week showed that US crude oil and gasoline inventories fell more than expected last week as demand for the motor fuel picked up ahead of the peak summer driving season.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Saudi Fund for Development Signs $1.2 Billion Financing Deal with Pakistan for Oil Imports
Saudi Arabia Issues Penalties Against 18,838 Violators of Residency and Work Regulations
GACA Opens Domestic Market to Foreign Operators for Charter Flights
Saudi Cabinet Reaffirms Commitment to Palestinian Return and Reviews Key International Developments
CEDA Approves Conclusion of Financial Sustainability Program After Successful Reforms
President Trump Initiates Development of U.S. Sovereign Wealth Fund
Saudi Medical Team Arrives in Damascus to Provide Specialized Care
Saudi Crown Prince and UAE President Discuss Bilateral Relations and Regional Security
Saudi Arabia's Non-Oil Private Sector Sees Decade-High Growth in January
Saudi Arabia and India Strengthen Ties in Mining and Minerals Sector
Erdogan and Syria's Sharaa Converse on Collaboration Against Kurdish Militants
Trump Suggests U.S. Acquisition of Gaza Strip During Ongoing Conflict
Trump Reinstates 'Maximum Pressure' Strategy to Reduce Iran's Oil Exports
Syrian President Performs Umrah During Visit to Saudi Arabia
Saudi Arabia Plants 10,000 Mangroves Across Five Regions to Support Biodiversity
Jeddah to Host ‘Made in Pakistan’ Exhibition and Business Forum
Saudi Arabia Shortens Wage Protection File Submission Period
Saudi Project Clears 732 Houthi Mines in Yemen
Saudi Arabia and Japan Strengthen Strategic Ties at Foreign Ministerial Meeting in Tokyo
Interim President of Syria Visits SDAIA Headquarters in Riyadh
Makkah Launches Hydrogen-Powered Bus Trial to Promote Clean Energy
Saudi Deputy Minister Meets Indian Ambassador to Discuss Bilateral Relations
Kazakhstan Seeks Stronger Ties with Saudi Arabia in Key Sectors
Saudi Arabia Hosts International Military Exercises at Air Warfare Center
Egyptian President El-Sisi Invited for White House Meeting Following Jordanian King’s Visit
Nearly 96% of New Cars Registered in Norway in January Were Electric
OPEC+ Reaffirms Commitment to Production Cuts to Ensure Oil Market Stability
Umm Al Qura Advances IPO to Fund $26 Billion Masar Project in Makkah
Kuwait Anticipates a 12% Increase in Budget Deficit for the 2025-2026 Fiscal Year.
GCC Equity Markets See Gains in January, Led by Kuwait and Saudi Arabia
Saudi CMA and Insurance Authority Strengthen Oversight of Insurance Sector
Saudi Arabia and Germany Sign Green Hydrogen Export Deal
RLC Global Forum to Address Future of Saudi Arabia’s Retail Landscape
Apple Abandons AR Glasses Project Amid Struggles with Technology and Market Demand
Saudi Stock Market Set for 8% Growth in 2025, Driven by Banking, Healthcare, and Petrochemical Sectors
Saudi Economy Minister Meets German Finance Minister in Riyadh
Saudi Arabia and Germany Establish Green Hydrogen Bridge
Non-Oil Activities Contribute to 52% of Saudi Arabia’s GDP in 2024, Says Finance Minister
Saudi Sherpa Office Hosts First G20 Workshop in Preparation for 2025 Summit
56th Saudi Relief Plane Delivers Aid to Palestinians in Gaza
Saudi and Japan Strengthen Bilateral Ties at Strategic Dialogue Meeting
OPEC+ Reaffirms Commitment to Production Cuts to Stabilize Global Oil Market
Saudi Crown Prince Congratulates Bart De Wever on Becoming Belgium's Prime Minister
Syria's Interim President Ahmed al-Sharaa Reveals Schedule for Presidential Elections
Jailed Ex-Pakistani PM Imran Khan Draws Parallels to President Trump in Fight for Justice
Iran Develops Long-Range Nuclear Missiles with North Korea's Help, Claims Report
Global Semiconductor Industry Faces Persistent Challenges Amid Efforts to Boost Production
Saudi Arabia Unveils 'Dream of the Desert' Luxury Train, First of Its Kind in the Middle East
The 'Chinese Pearl Harbor' on U.S. Tech: DeepSeek's Launch Triggers Market Collapse
President Trump Proposes Relocating Gaza's Population to Egypt and Jordan
×