Oil prices are slightly down today. Slower economic growth in the U.S. economy in the first quarter heightened concerns about a decline in fuel demand in the United States.
Brent North Sea crude was down about 0.2 percent at $87.89 a barrel around 7:10 p.m. CEST. U.S. West Texas Intermediate (WTI) crude was down about 0.4 percent at the same time, trading slightly above $82.47 a barrel.
The growth of the US economy slowed significantly in the first quarter and was 1.6 percent in the full year. The US Department of Commerce stated this in its estimate today. In the fourth quarter of last year, annualized growth in the gross domestic product (GDP) of the United States was 3.4 percent.
U.S. gasoline stockpiles fell less than expected, while distillate stockpiles rose despite expectations for a decline, according to data from the Energy Information Administration (EIA) on Wednesday. This dynamic signals a slowdown in demand. The EIA report also showed that US oil inventories fell unexpectedly sharply last week as their exports rose sharply.
Concerns about US fuel demand come amid signs of a cooling in US business activity in April and stronger-than-expected inflation and employment data. This means that the US central bank (Fed) is more likely to postpone the expected interest rate cut.
WTI oil price development (1-hour chart – H1):
Brent oil price development (1-hour chart – H1):
Source: Reuters, ČTK, OPEC, MT4
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