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US Economic Data Suggests Somewhat Steady Oil Prices

As per the trusted reports, oil prices have not shown much movement on Thursday as stated by the US economic data, which gives an offset to the concerns of the investors regarding the potential for the increase in the Iranian supplies.

As per the credible sources, Brent witnessed a fall of about 2 cents to reach US D 68.85 a barrel at 10.52 a.m EDT, which is 1452 in GMT.Whereas the US West Texas Intermediate (WTI) crude price remained unchanged to US D 66.21 a barrel.As stated by the US labor department, there is a decline in the number of Americans who are filing for unemployment claims benefits more than expected as compared to the previous week.

US Economic Data Suggests Somewhat Steady Oil PricesFurther, the economic condition of the USA, which has been witnessing downfall over past several months, is witnessing a rapid growth pace, due to the rise in business spending on equipment in the month of April, as per the given data.Senior analyst at Price Futures Group in Chicago, Phil Flynn, stated that the situation had given them a more risk-on attitude towards the markets.

He further stated that they are now ready to focus on the supply and demand ecosystem in the economy.Further, several analysts claimed that if there is an increase in the supply from Iran, it will be gradual, and JP Morgan estimated that Iran might add 500,000 barrels per day (bpd) by the end of the year, rising further to 500,000 barrels per day (bpd) by the end of August 2022.

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