On October 8, 2024, early Asian trading saw a slight decline in oil prices as traders took profits following a surge to the highest levels in over a month. Brent crude futures fell by 23 cents, or 0.3%, to $80.70 per barrel, while West Texas Intermediate (WTI) crude dropped by 20 cents, or 0.3%, to $76.94 per barrel.
On the previous day, oil prices had risen by more than 3%, reaching their highest point since late August, contributing to a weekly gain of over 8%, marking the largest weekly increase in over a year. Analysts anticipate a rise in U.S. crude oil inventories by 1.9 million barrels for the week ending October 4.
The American Petroleum Institute is set to release its inventory report today at 2030 GMT, which could further influence market dynamics.
This fluctuation in oil prices is significant for global markets, impacting not only energy costs but also inflation rates and economic stability across various countries.