Oil Prices Edge Lower on Thursday

PUKMEDIA

Oil prices.

Global oil prices edged lower today amid concerns over softening demand in the United States and expectations of increased output from OPEC+ nations.

Brent crude fell by 0.77% to $68.58 per barrel, while West Texas Intermediate (WTI) dropped 0.76% to $66.94.

The dip follows a surprise rise in US crude inventories, with stockpiles increasing by 3.8 million barrels. Sluggish demand for petrol across American markets has also added to investor uncertainty.

Market sentiment remains cautious ahead of the 9 July expiry of a 90-day pause on US tariffs, which may further impact global trade and energy demand. Additionally, OPEC+ is preparing to boost production by over 400,000 barrels per day this month, raising the risk of oversupply.

Traders are now looking to upcoming US employment data for further indications of economic strength and its potential effect on global energy consumption.



PUKMEDIA