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Barrack: We call upon Druze, Bedouins, and Sunnis to put down their weapons and together with other minorities build a new and united Syrian identity building peace and prosperity with their neighbors
US Special Envoy to Syria Tom Barrack: Israeli Prime Minister Benjamin Netanyahu and Syrian President Ahmad al-Sharaa supported by the US have agreed to a ceasefire embraced by Türkiye, Jordan, and their neighbors
YAF spokesperson Brigadier General Yahya Saree: We carried out a top-tier operation targeting Ben Gurion Airport in Lydd with a Palestine 2 hypersonic ballistic missile
Israeli media: Israelis in the Gush Dan area and al-Quds were asked to enter shelters immediately
Sirens sound in Tel Aviv and occupied al-Quds after a missile was launched from Yemen
Sheikh Qassem: We are ready to defend ourselves if 'Israel' attacks us in a way that we believe calls for us to defend ourselves
Sheikh Qassem: "Israel" will never be handed over our weapons
Sheikh Qassem: He who refuses so and accepts humiliation, that is their own business, but for us, we will not accept humiliation. We have made great sacrifices, and our strength has helped us achieve this result
Sheikh Qassem: Be patient with the issue of exclusivity of arms with the state in the face of the great danger that will not spare Lebanon; let us speak with one voice and work for the sake of priority
Sheikh Qassem: Lebanon faces three real dangers: 'Israel', ISIS tools on the eastern border, and US tyranny

Crude oil prices face biggest weekly drop since April

  • By Al Mayadeen English
  • Source: Agencies
  • 2 Aug 2024 22:53
3 Min Read

Crude oil prices are experiencing their largest weekly drop since April, with WTI down 4.9% and Brent down 5.2%, driven by weak US economic data and ongoing global economic concerns.

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  • In this Sept. 30, 2015, file photo, oil pumps work in the desert oil fields of Sakhir, Bahrain. (AP)
    In this Sept. 30, 2015, file photo, oil pumps work in the desert oil fields of Sakhir, Bahrain. (AP)

Crude oil prices are on track for their most significant weekly decline since April, following the release of disappointing US economic data and persistent concerns about global economic health.

As of Friday afternoon, US West Texas Intermediate (WTI) crude oil stood at $73.55 per barrel, marking a drop of $2.76, or 3.6%, for the day.

For the week, WTI is down 4.9%, the steepest weekly drop since the 6.9% decline recorded in the week ending April 26. This downturn follows three consecutive weekly decreases of 3.7%, 2.5%, and 1.1%.

On the other hand, UK Brent crude finished Friday's New York session at $76.95 per barrel, down $2.57, or 3.2%, for the day.

Brent's weekly decline of 5.2% is also the largest since the week ending April 26, following previous weekly losses of 1.8%, 2.8%, and 1.7%.

US economy in bad shape?

According to a Sputnik analysis, the sharp drop in crude oil prices was largely triggered by the US Labor Department's report that non-farm payrolls increased by only 114,000 jobs in July, the smallest growth since the pandemic-era jobs boom began.

Moreover, the unemployment rate rose to 4.3%, the highest level since December 2021.

This disappointing jobs report comes on the heels of weak US manufacturing data released the previous day, further sparking concerns about the economy and overshadowing optimism about a potential Federal Reserve rate cut in September.

The Fed's last rate cut occurred in March 2020.

Read more: Powell admits Fed’s rate hike 'mistake', vows to be cautious on cuts

Geopolitical factors 

Earlier in the week, oil prices had surged by over 3% each for WTI and Brent after "Israel" waged an aggression against Lebanon and Iran. 

Oil traders had anticipated increased geopolitical risks, particularly involving Iran, which had vowed retaliation.

However, as no immediate response from Iran materialized, tensions eased, contributing to the decline in oil prices.

Read more: Oil prices jump after Ismail Haniyeh's martyrdom

Geo-economic factors

Compounding these concerns are ongoing worries about the Chinese economy and the stance of OPEC+.

The oil-producing alliance, which includes the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and ten other countries including Russia, announced this week that it will maintain current production levels despite the economic uncertainties.

OPEC+ had previously committed to gradually reducing production by 2.2 million barrels per day between October 2023 and September 2025, with an additional reduction of 3.66 million barrels daily through the end of 2025.

Read more: Current oil prices of $80-$85P/B comfortable for Russia: Deputy PM

  • Crude stocks
  • WTI
  • Brent crude oil
  • Oil prices
  • Crude oil

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