Oil prices fall as demand levels fall – Markets in a minute

Oil prices fall under pressure from low demand levels

Oil prices are falling after two sessions of gains as weaker macroeconomic data weighs on demand prospects. This is despite the possibility of increased violence in the Middle East.

At this time, West Texas Intermediate (WTI), the benchmark for the United States, fell 0.74% to $70.66 per barrel. Brent, the benchmark for the European continent, fell 0.71% to $73.18.

Still, the Fed’s decision to cut interest rates could stimulate demand for fuel in the United States and weaken the dollar, which would be positive for crude oil.

Today, the official figures from the Energy Information Administration (IEA, in its original acronym, which is under the supervision of the US Department of Energy) are also known, which publishes the levels of US crude oil inventories, as well as distillate and gasoline stocks.