Global oil prices fell on Wednesday after rising in early Asian trade, as markets balanced concerns about demand in the United States, China's pledge to support economic growth, falling Russian supplies and falling US inventories.
Brent crude futures fell 22 cents to $79.41 a barrel by 0403 GMT, and US West Texas Intermediate crude fell 32 cents to $75.43 a barrel.
There are a lot of positive factors for oil prices from the point of view of supply and demand at the present time, said Leon Lee, a market analyst at CMC, and while we expect a recovery in West Texas Intermediate crude approaching $80 a barrel, this does not mean that the market is speculating to the upside because the position of the banks Global centralism, which does not tend to tighten, still represents a decline in risk appetite.
He added, in light of expectations that the US Central Bank will raise interest rates for the last time in July, concerns about demand in the United States that limit the gains in the price of oil will likely continue.
Economists remain concerned that US inflation will not fall fast enough even with interest rates raised. A Reuters poll showed that core inflation, which excludes food and energy prices, will decline slightly by the end of the year or remain near its current level of just under five percent.
China's National Development and Reform Planning Commission on Tuesday pledged to implement policies to boost and expand consumption in the world's second-largest economy as consumers' purchasing power continues to weaken.
