U.S. crude oil pulls back more than 1%, falls below $75 in second day of losses
Publishing timestamp: 2024-08-28 15:23:12
Summary
Oil prices fell for the second day in a row as market sell-off continues due to soft demand in China and risks of broader slowdown. Traders have largely dismissed the threat of supply disruptions in Libya, which triggered a rally earlier in the week. U.S. crude oil settled below $75 per barrel, with concerns about lackluster demand in China and OPEC+ plans to increase production in the fourth quarter. Year to date, U.S. oil has gained 4% while the global benchmark is ahead 2.1%. Oil prices remain range-bound despite potential disruptions in Libyan supplies and tensions in the Middle East.
Sentiment: NEUTRAL
Tickers: @CL.1, @LCO.1, @RB.1, @NG.1,
Keywords: business news, natural gas (mar'23), investment strategy, markets, oil and gas, wti crude (mar'23), ice brent crude (apr'23), rbob gas (mar'23), breaking news: markets,
Source: https://www.cnbc.com/2024/08/28/crude-oil-prices-today.html