Doha: Oil prices settled lower today after data showed a rise in US diesel inventories, raising concerns about demand, and the Federal Reserve’s decision to cut interest rates as expected. Brent crude futures lost 52 cents, or 0.76 percent, to $68.22 a barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures lost 47 cents, or 0.73 percent, to $64.05.

According to Qatar News Agency, the decline in oil prices comes amid growing concerns over potential weakened demand in the US. The increase in diesel inventories indicates a slowdown in consumption, which has contributed to the downward pressure on oil prices. The Federal Reserve’s anticipated interest rate cut further complicates the demand outlook, as it could signal challenges in economic growth, potentially affecting oil consumption.

Market analysts are closely monitoring these developments, as fluctuations in oil demand and supply dynamics continue to influence global oil prices. The latest data on diesel inventories underscores the volatility in
the energy sector, with traders adjusting their positions based on these indicators. As the situation evolves, stakeholders remain attentive to both domestic and international factors that could impact future oil price movements.