Crude oil prices eased today as worries over softening US demand and broad oversupply risks were offset by concerns over geopolitical uncertainties. Brent Crude was trading over 1.2 per cent down at 66 dollars and 64 cents per barrel, and WTI Crude was also trading 1.4 per cent down at 62 dollars and 78 cents per barrel, when reports last came in.

 

 

Meanwhile, US crude oil inventories increased by 3.9 million barrels to 424.6 million barrels in the week ending on the 5th of September, according to the Energy Information Administration data. 

 

 

Also, OPEC made no changes to its relatively high global oil demand growth forecasts for this year and next in its latest monthly oil market Report. added world economy was maintaining a solid growth trend in the second half of this year.

 

 

The report noted that recent developments have confirmed the expected growth trend, resulting in unchanged global economic growth forecasts of 3.0 per cent for 2025 and 3.1 per cent for 2026.

 

 

Energy expert Narendra Taneja highlighted key factors impacting the moves in crude prices.