Russian drones in Poland did not shake oil prices
11 September 08:42
Oil prices remained virtually unchanged on Thursday morning, having cooled after rising the previous day. Weak demand in the United States and the risk of oversupply offset concerns about attacks in the Middle East and the Russian-Ukrainian war, "Komersant Ukrainian" reports citing Reuters.
According to OilPrice.com, futures for Brent crude oil fell by only 12 cents (-0.18%) to $67.37 per barrel as of 07:46 Kyiv time. US West Texas Intermediate futures also fell by 12 cents (-0.19%) to $63.55.
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Qatar and Poland did not become market factors
On Wednesday, benchmark contracts rose by more than $1 each after Israel attacked Hamas leadership in Qatar and Poland raised its own and NATO air defense to shoot down Russian drones that violated its airspace.
This is the first known case of a NATO member opening fire during Russia’s war in Ukraine.
The Israeli airstrike in Qatar came shortly after Hamas claimed responsibility for Monday’s shooting that killed six people at a bus stop on the outskirts of Jerusalem.
However, neither the attacks in the Middle East nor the downing of the drones in Poland posed an immediate threat to oil supplies. Attention focused on the balance of supply and demand, as rising oil inventories, falling producer prices, and a slowing labor market point to a weakening US economy.
Interest rates in the US and Europe
According to the U.S. Energy Information Administration, U.S. oil inventories increased by 3.9 million barrels in the week to September 5, while a 1 million barrel decline was expected. Gasoline stocks also increased by 1.5 million barrels, while a decrease of 200 thousand barrels was forecast.
Analysts now expect the US Federal Reserve to cut interest rates next week at its mid-September meeting.
“Weakening labor market conditions mean that the Fed is poised to vote for a 25 basis point cut next week,”
– stephen Brown, deputy chief economist for North America at Capital Economics, said in a commentary.
Meanwhile, the European Central Bank plans to leave its interest rates unchanged on Thursday.
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