Ekonomické zprávy
17.10.2024

Oil prices continue to decline amid weak demand prospects

The price of oil fell by about 0.4%, and is preparing to record a fifth consecutive session decline, as the latest forecasts from OPEC and the International Energy Agency increased concerns about the prospects for oil demand. Market participants also continue to closely monitor the tense situation in the Middle East and are preparing for the release of official data on oil reserves in the United States.

The strengthening of the US currency is also putting pressure on oil. The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and Swedish krona) rose by 0.03% to 103.62 (the highest value since August 2). Since the beginning of the month, the index has jumped 2.8%.

At the same time, market participants are waiting for further details from the Chinese government about its extensive plans announced on October 12 to revive its economy. China said on Thursday it would expand the "white list" of housing projects eligible for financing and increase bank lending for such projects to 4 trillion yuan to strengthen the real estate market.

Meanwhile, data from the American Petroleum Institute showed that U.S. crude oil inventories fell by 1.58 million barrels for the week ending October 11. Gasoline inventories fell by 5.926 million barrels. Distillate inventories fell by 2.672 million barrels. Cushing inventories rose by 410,000 barrels, according to API data. Official data from the Energy Information Administration will be released later today (at 15:00 GMT). Economists expect oil inventories to rise by 2.3 million barrels.

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