On April 14, 2024, the Elk Hills Oil Field in California showcased oil wells in action at sunset as gas prices continued to rise. The view underscored the impact of the changing economic landscape on the oil industry. The disappointing U.S. economic growth in the first quarter, which came in at 1.6% compared to the expected 2.4%, led to a decline in crude oil futures. Slower economic growth can have a negative effect on crude oil demand, influencing prices.
The West Texas Intermediate June contract closed at $82.45 a barrel, down 0.43%, while the Brent June contract closed at $87.62 a barrel, down 0.45%. The RBOB Gasoline May contract was priced at $2.72 a gallon, down 0.36%, and the Natural Gas May contract was $1.62 per 1,000 cubic feet, down 1.63%. Oil prices closed lower on Wednesday, marked by a slightly bearish market with global inventories on the rise.
Geopolitical risks impacting oil prices have decreased as tensions between Israel and Iran ease according to analysts at Piper Sandler
