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Crude Prices Drop Ahead of US Inventory Report

Today's markets analysis on behalf of George Khoury Global Head of Education and Research at CFI


July 10, 2024 ( Newswire) Both Brent Crude Futures and WTI Crude Futures were under pressure today and have been on a decline since early this month. Brent crude futures declined below the key level of $85 per barrel, while WTI crude futures now trade near $81 per barrel. The diminished impact of Hurricane Beryl removed some support for the market and weighed on prices as concerns around production disruption eased. Additionally, inflation data from China, the world's top crude importer, is also weighing on commodity prices. China's weaker-than-expected consumer price inflation in June suggests subdued consumer demand and ongoing producer price deflation. These economic conditions, alongside potentially reduced tensions in the Middle East contributed to the recent decline in oil prices. Traders are now anticipating today's release of the US Energy Information Administration (EIA) data. It is expected to show further declines in crude oil and gasoline inventories for the week ending July 5. If confirmed, this could potentially stabilize crude prices in the near term.

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