US economic data puts pressure on world oil prices

World oil prices closed lower on April 16, as disappointing economic data dented investor confidence, despite concerns about geopolitical tensions, with attention focused on Israel and its response to Iran's attack last weekend.

Brent crude for June 2024 delivery rose 8 cents, or 0.1%, to $90.02 a barrel. U.S. West Texas Intermediate (WTI) crude for May 2024 delivery fell 5 cents, or 0.1%, to $85.36 a barrel.

On the supply side, Brent crude oil prices rose to $92.18 a barrel, the highest since October 2023, in the April 12 session due to concerns about Iran's response to Israel's attack on the Iranian Embassy in Damascus, Syria on April 1.

However, prices fell in the session on April 15, after Iran's retaliatory attack over the weekend caused less damage than expected.

According to US Treasury Secretary Janet Yellen, the US is expected to impose new sanctions on Iran in the coming days.

Iran produces over 3 million barrels of crude oil per day and is a major producer in the Organization of the Petroleum Exporting Countries.