Oil Prices Stabilize Amid Falling US Inventories and Economic Concerns

The Swiss Market Index (SMI) is experiencing a slight decrease as investors await the Federal Reserve's decision on interest rates.

Shares of Nestlé and DocMorris have seen notable declines, while EFG International and Orascom HD have seen increased demand.

After a week of losses, oil prices have stabilized, with Brent crude for February delivery priced at $73.61, up 42 cents, and US WTI crude for January delivery rising by 43 cents to $70.51.

Weak economic data from China earlier in the week put pressure on prices, but recent stock data from the United States has provided support, suggesting a potential shift in market dynamics.

According to the American Petroleum Institute, U.S. crude oil inventories have fallen significantly for the third consecutive week, and it is expected that official government figures will confirm this trend.

A decline in inventories indicates a tightening supply of crude oil, which could result in further increases in oil prices.

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