Resilient U.S. Economy Spurs Steady Fuel Demand, Industrial Slowdown Continues
Despite earlier predictions of an economic recession and declining oil demand, the U.S. economy has remained resilient, leading to stable demand for gasoline and jet fuel. However, industrial demand for distillates has not met expectations, while gasoline prices have remained relatively high. The article suggests that this pattern of consumer-driven oil demand and weaker industrial demand is likely to persist in the coming months, and analysts predict tightening oil inventories as a dominant price driver. Additionally, there are expectations that Saudi Arabia may extend its oil supply cuts into October.
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Oil prices fluctuated within a tight range on Friday, as investors weighed mixed signals from the world's top oil consumers, China and the U.S. Brent crude slipped 13 cents to $83.75 per barrel, while West Texas Intermediate (WTI) fell 4 cents to $79.22.