On the evening of the 11th Beijing timeRegalworldcoinmasterfreespinsCrude oil futures prices fell on Thursday. To inflationRegalworldcoinmasterfreespinsConcerns have put pressure on oil prices, but the decline has been curbed by fears that Iran could attack Israel.
The market is also watching the Organization of Petroleum Exporting countries' expectations for growth in global demand for crude oil this year.
On Thursday morning, West Texas Intermediate for May delivery fell 74 cents to 85 a barrel on the New York Mercantile Exchange.Regalworldcoinmasterfreespins.47 US dollars, down 0.Regalworldcoinmasterfreespins.86%. The June Brent crude futures contract fell 50 cents, or 0.55%, to $89.97 a barrel.
Us WTI crude oil rose more than 1 per cent on Wednesday after media reports said the US and its allies believed Iran was about to launch a strike against Israel.
But US WTI crude oil futures fell on Thursday morning as higher-than-expected March CPI data released on Wednesday plagued the market by implying the risk of rising inflation.
The month-on-month increase in the producer price index (PPI), released on Thursday, was lower than expected, but rose 2.1 per cent from a year earlier and the biggest increase since April 2023, suggesting that inflation is likely to remain high.
Futures markets now expect the Fed to cut interest rates from September, much later than originally expected, and only twice this year, according to the FedWatch tool of the company.
In its monthly oil market report released on Thursday, the Organization of Petroleum Exporting countries (OPEC) said the oil market would need to be closely watched in the coming months to ensure a "sound and sustainable market balance" at a time when demand is expected to soar.
OPEC maintains its optimistic forecast for global oil demand growth this year, forecasting year-on-year growth of up to 2.7 million barrels per day in the third quarter. In recent days, a series of key data in the market show that oil consumption appears to be hotter than expected, prompting market participants to warn that oil prices could hit $100 a barrel this summer.