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Oil prices edged lower on Thursday, reversing gains from the previous session, amid concerns over weakening U.S. demand. Government data showed an unexpected rise in crude inventories, raising doubts about consumption trends in the world's largest oil consumer.
Brent crude futures dropped 24 cents, or 0.35%, to $68.87 a barrel, while U.S. West Texas Intermediate (WTI) crude slipped by the same margin to $67.21. Both benchmarks had surged over 3% on Wednesday, partly fueled by geopolitical tensions and positive trade developments.
The U.S. Energy Information Administration (EIA) reported a surprise 3.8 million-barrel increase in domestic crude stockpiles last week, pushing total inventories to 419 million barrels. Analysts had expected a 1.8 million-barrel draw, fueling market uncertainty. Gasoline demand also declined to 8.6 million barrels per day, casting a shadow over peak summer driving season consumption.
Wednesday’s oil rally was supported by Iran’s decision to suspend cooperation with the U.N. nuclear watchdog, reviving fears of renewed conflict in the Middle East. Additionally, a new U.S.-Vietnam trade deal, imposing 20% tariffs on many Vietnamese exports, bolstered hopes of improved global trade stability, potentially supporting oil demand growth.
Traders are now closely monitoring the upcoming U.S. employment report, due Thursday, which could influence expectations around potential Federal Reserve interest rate cuts. Lower rates typically stimulate economic activity, potentially boosting fuel consumption.
A private payrolls report released Wednesday showed a contraction for the first time in two years. However, analysts cautioned against drawing conclusions from the data, citing a weak historical correlation with official government statistics.
The combination of rising crude stocks and cautious demand signals is likely to keep oil markets on edge in the near term.
