2023-05-18 02:51:56
Oil prices fell in early Asian trading Thursday, Thursday, amid concerns regarding oversupply, following rising regarding 3 percent during the previous session.
Brent crude futures fell 19 cents, or 0.25 percent, to $76.79 a barrel by 0241 GMT. US West Texas Intermediate crude fell 14 cents, or 0.2 percent, to $72.75 a barrel, according to Archyde.com data.
Both benchmarks rose regarding 3 percent on Wednesday amid optimism regarding oil demand and debt ceiling negotiations in the United States.
Oil prices are under pressure, including the unexpected jump in US oil inventories last week due to a new withdrawal from the Strategic Petroleum Reserve.
Inventories rose five million barrels in the week ending May 12 to 467.6 million barrels, once morest expectations of a decline of 900,000 barrels in a Archyde.com poll.
However, US gasoline inventories fell as demand rose to its highest level since 2021.
Investors are also closely watching developments related to the debt ceiling negotiations in the United States.
Meanwhile, US President Joe Biden and Republican House Speaker Kevin McCarthy confirmed on Wednesday their intention to reach an agreement soon to raise the federal government’s debt ceiling of $31.4 trillion and avoid the government’s failure to pay its obligations, as this would have catastrophic repercussions.
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