Crude oil prices fell by 1%.

The WTI crude oil futures narrowed their early gains and fell to $77 per barrel on Thursday. Concerns about weakening demand offset concerns about supply disruptions that could arise from conflicts in the Middle East.

The ISM Manufacturing PMI noted that the US manufacturing sector contracted more than expected due to sluggish demand and a decrease in production.

Furthermore, signs of weakening demand from China, one of the world's leading consumer countries, have also emerged as the total fuel oil imports for the first half of 2024 decreased by 11%.

On the other hand, according to the latest report from the EIA, US crude oil inventories decreased by a larger-than-expected 3.43 million barrels, significantly surpassing the market expectation of 1.6 million barrels.