WASHINGTON (dpa-AFX) - Oil prices traded lower on Thursday, extending losses from the previous two sessions after Iran said Yemen's Houthi rebels have agreed to allow tugboats and rescue ships to assist a Greek-flagged oil tanker that remains ablaze in the Red Sea 'in consideration of humanitarian and environmental concerns'.
A firmer dollar and data showing a smaller-than-expected draw in U.S. crude inventories also weighed on prices, but renewed concerns over disruptions to Libyan production helped limit overall losses.
Benchmark Brent crude futures eased half a percent to $77.34 a barrel, while WTI crude futures were down 0.1 percent at $74.45.
Concerns persist about the outlook for global oil demand after data showed a much smaller than expected drop in crude oil inventories in the U.S. in the week ended August 23rd.
Data from U.S. Energy Information Administration (EIA) showed crude inventories edged down by 0.8 million barrels last week after tumbling by 4.6 million barrels in the previous week. Economists had expected crude oil inventories to decrease by 3.0 million barrels.
The dollar edged higher in European trade while the euro retreated as investor cheered positive inflation news from Spain and German states.
The weekly initial jobless claims report and a revised reading on U.S. gross domestic product data for the second quarter may influence trading sentiment as the day progresses.
PCE price index data - the Fed's preferred inflation gauge - is due on Friday and is likely to influence investor expectations regarding the timing and pace of interest-rate cuts.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
