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Oil prices fell in Asia on Thursday, with investors turning cautious on expectations of lower demand as U.S. employment and business data came in weaker than forecast, signalling the economy of the world's top oil consumer may be cooling.
Crude oil prices surged on lower U.S. inventories before the Independence Day holiday, with strong demand expected amid record auto travel.
Crude oil futures gain traction late in a light trading session ahead of the U.S. July 4 holiday. There was little initial reaction to the EIA's report of a bigger-than-expected 12.2 million barrel drop in U.
Oil prices fell in early trade on Thursday after U.S. employment and business activity data came in weaker than expected, in signs the economy may be cooling in the world's top oil consuming nation. Brent crude futures were down 30 cents,
Crude oil futures held firm on Wednesday as traders waited for the latest round of U.S. inventory data for signs of whether gasoline demand is picking up. U.S. crude oil gained about 6% last month on expectations of a tighter third quarter with stockpiles forecast to draw down as summer fuel demand picked up.
Oil prices were edging higher as reports of a larger-than-expected draw in U.S. crude stockpiles signals solid demand during the summer driving season in the world's top consumer. Brent crude and WTI were both up 0.
Oil prices gained about 1% on Wednesday after a larger-than-expected decline in U.S. crude stocks, but gains were capped by concerns about rising global inventories in thin trading ahead of the U.S. Independence Day holiday.
Oil prices rose on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stockpiles, while the market kept tabs on flaring tensions in the Middle East. Brent crude futures edged up 46 cents,
Oil prices for Brent crude hit their highest level since April on Thursday, holding above $87 after data the previous day showed a decline in U.S. inventories. Brent crude futures were up 13 cents, or 0.