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International oil prices extended their decline after comments from Federal Reserve Chairman Jerome Powell added to concerns that U.S. interest rate hikes will slow economic growth and data from the American Petroleum Institute showed U.S. crude inventories rose last week. On Thursday, NYMEX West Texas Intermediate Crude for August 2022 settled at $104.27 a barrel, down $1.92, or 1.8%, from $102.32 to $107.05. Ice August 2022 Brent settled at $110.05 a barrel, down $1.69, or 1.5 percent, from the previous session, trading in a range of $108.04 to $112.70.

Mr Powell reportedly stoked fears of more rate rises by saying that the Fed's focus on taming inflation was "unconditional" and that strength in the Labour market was unsustainable. Investors have been cutting positions in risky assets as they assess whether inflation-fighting central banks are pushing the world economy into recession with higher interest rates.

The release of the weekly U.S. oil status report, traditionally delayed by a day due to a public holiday on June 20, was delayed by a system problem and the U.S. Energy Information Administration's inventory and supply and demand data for last week, originally scheduled for June 23, was delayed. An EIA spokesman confirmed that the oil status report will not be released this week.

Data released Wednesday by the American Petroleum Institute showed U.S. crude inventories rose 5.6 million barrels last week, but that included a drop of 390,000 barrels at Cushing, Oklahoma. U.S. gasoline stocks rose 1.2 million barrels last week, while distillate stocks fell nearly 1.7 million barrels.

On the supply side, Reuters quoted sources as saying Opec and its Allies, including Russia, are likely to stick to plans to accelerate production increases in August in a bid to ease crude prices and inflation, with U.S. President Joe Biden scheduled to visit Saudi Arabia. But Reuters quoted a source close to Opec and its Allies in the production cuts as saying Opec and its Allies would not change their output plans at their meeting this month.

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Foshan Te Xiang Machinery Co., Ltd ( www.txmachinery.net ) is a China leading manufacturer of metallic processing machines, including slitting line , cut to length line, stainless steel polishing line, ERW tube mill line, roll forming machines, embossing line and etc.

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