TOKYO/SINGAPORE- Oil prices fell for a fifth session on Thursday as global demand concerns exerted pressure on the market despite a decline in US fuel inventories.
Brent crude futures slipped 9 cents to $75.96 a barrel, while US West Texas Intermediate crude futures fell 19 cents to trade at $71.74.
The front-month WTI contract for October has dropped 6.9 percent since Aug. 15, while Brent futures are down 6.4 percent over the same period.
Prices have plunged amid a report on Wednesday of revised employment statistics in the US the world’s biggest oil consumer, that showed fewer jobs were added in 2024 than previously reported and weak economic data last week from China, the world’s second-largest economy and largest oil importer.
Oil investors are also expecting the Organization of the Petroleum Exporting Countries (OPEC) and its allies such as Russia, known as OPEC+, will lift some voluntary output cuts in October, adding more supply.
“Weak global demand and the potential threat on OPEC+ rolling back on their production cuts are weighing on oil,” said Priyanka Sachdeva, a senior market analyst at Phillip Nova, adding that conflict in the Middle East and geopolitical tensions are tilting risks to the upside.
Concerns on how OPEC+ production would pan out in the fourth quarter if the cuts are lifted has exacerbated price weakness, though they could be paused or reversed if needed.
