Economic Overview – Baghdad
Oil prices experienced a slight decline today, Thursday, following an industry report indicating an increase in U.S. crude stocks. This drop was further influenced by new customs duties, dampening the prior session’s gains amid concerns regarding supply disruptions from Russia.
Brent crude futures decreased by 22 cents, or 0.29 percent, settling at $75.82 per barrel as of 01:35 GMT.
Similarly, West Texas Intermediate crude fell 30 cents, or 0.42 percent, to $71.95 per barrel.
The rise in U.S. stockpiles, coupled with the customs duties imposed by the Trump administration on imports, could weigh on oil prices by increasing consumer goods costs, potentially stifling global economic growth and reducing fuel demand. Additionally, uncertainties surrounding demand from Europe and China have contributed to the pricing pressure.
Nevertheless, fears over alternative oil supplies have mitigated the extent of the losses. Recently, Russia reported a 30% to 40% decline in oil flows through the Caspian Sea pipeline, a critical route for crude exports from Kazakhstan, following a drone attack in Ukraine targeting a pumping station.
Market sources indicated that, as reported by the American Petroleum Institute, U.S. crude inventories rose by 3.34 million barrels last week. Furthermore, gasoline stocks increased by 2.83 million barrels, while distillate products saw a reduction of 2.69 million barrels.
For more updates, subscribe to our channel on Telegram
