Oil turns lower ahead of US inventory dataOil prices fell during trading on Thursday, giving up the gains recorded earlier in the session, as trading continued to be calm, and ahead of US inventory data.
Tomorrow, Friday, the official data on crude oil inventories is expected to be issued by the US Energy Information Administration, amid expectations of a decline in oil inventories by about 700,000 barrels.
It is worth noting that the World Bank raised its expectations for the growth of the Chinese economy during the years 2024 and 2025, supported by Beijing’s decisions to boost fiscal spending and political measures aimed at stabilizing the real estate sector.
In terms of trading, Brent crude futures for February delivery fell by 0.4%, or 32 cents, to close at $73.26 a barrel.
US Nymex crude futures for February delivery fell 0.7%, or 48 cents, to close at $69.62 a barre
