Oil prices fell in Asian trading on Thursday after official data showed a surprise increase in U.S. crude inventories, while the International Energy Agency also cut its forecast for oil demand growth in 2024 and pointed to a looming supply glut.
However, the bigger losses in crude oil were capped as the dollar fell in the wake of weak inflation data, even as the Federal Reserve significantly lowered its forecast for interest rate cuts in 2024.
Crude oil futures fell during the Asian session on Thursday.
According to the New York Mercantile Exchange, July crude oil futures were trading at USD78.19 per barrel at the time of writing, down 0.39%.
It was previously traded lower at USD78.06 per barrel. Crude oil may find support at USD75.21 and resistance at USD79.32.
The dollar index, which measures the performance of the greenback against a basket of six other major currencies, rose 0.23% to trade at USD104.37.
Meanwhile on Nymex, Brent crude for August delivery fell 0.39% to trade at USD82.28 a barrel, while the spread between Brent and crude oil futures stood at USD4.09 a barrel.
