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Commodity News

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(09 Jul 2024, 08:49)

Energy Preview: Crude Oil Stays Pressured Near $82 Per Barrel Mark


Oil is staying pressured around $82 per barrel on Tuesday morning in Asia, extending losses for the third straight day. Last week, the commodity ended up 2%, marking the fourth consecutive week of increases, largely fueled by geopolitical worries, OPEC's output adjustments, a weaker US dollar, and delayed rate cut expectations. Meanwhile, supply side concerns somewhat eased after a hurricane that hit a key U.S. oil producing hub in Texas caused less damage than expected. Weekly inventory data will now be watched for further cues. Currently, the counter is quoting lower by 0.32% on the day at $82.06 per barrel.

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