Commodities

Commodities

Date : 2023-08-03
Time : 10:00:00
Commodities
  • Oil prices were little changed on Thursday after a two-day decline, including a sharp drop on Wednesday, as a U.S. government credit downgrade weighed on sentiment, though concerns around supply tightness provided some support.
  • Ratings agency Fitch downgraded the main U.S. credit rating, the world's biggest oil consumer, reflecting an expected fiscal deterioration as well as a high and growing government debt burden.
  • Brent crude futures were at $83.26 a barrel, up 6 cents or 0.1%, at 0422 GMT, while U.S. West Texas Intermediate crude rose 5 cents, also 0.1%, to $79.54 a barrel.
  • "China's further stimulus policy and a sharp draw in the U.S. inventory data may still be the strong fundamental reasons for a rebounding crude market," said Tina Teng, an analyst at CMC Markets.
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