Brent crude futures slip amid easing Middle East concerns and U.S. job growth
Oil prices made a downward turn on Friday, spurred by easing Middle East supply concerns amidst the Israel-Hamas war and speculation of the US Federal Reserve halting interest rate hikes. Brent crude futures were recorded at $84.89 a barrel while West Texas Intermediate crude stood at $80.51 a barrel, marking a weekly drop exceeding 6%. Despite warnings of potential wider conflict at Lebanon’s border with Israel by Hezbollah leader Sayyed Hassan Nasrallah, markets remained steady.
Turning to South Africa, World Bank forecasts indicate that barring geopolitical escalations, fuel prices should remain stable during the festive season. This prediction is tied to an average global oil price of $90 per barrel in Q4, influenced by a drop in Brent crude prices from $91.86 to $88.72 per barrel due to a slowdown in global economic growth and increased production from non-OPEC+ producers.
The Absa Purchasing Managers' Index, at 45.4 index points in October, indicates depressed demand for local goods due to high food and fuel prices, with the AA predicting the fuel price decrease to persist through the festive season. This comes amid a July 2023 price break and an 8.1% food inflation rate according to Stats SA figures, along with a R5.
Despite high living costs persisting for South Africans due to rising electricity and food prices, consistent interest rate hikes, and continuous petrol price increases, the anticipated stability in fuel prices should provide temporary relief for consumers. Experts recommend prudent travel arrangements during the festive season considering the upcoming financial pressures at the start of the new year.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
San Diego hosts 'Build the Middle' conference on missing middle housingThe Casita Coalition hosted homebuilders from across the country to talk about granny flats, duplexes, townhomes and other types of lower-cost housing.
Weiterlesen »
War in the Middle East upends the dynamics of 2024 House Democratic primariesMost members of Congress have stood firmly behind Israel since the Hamas attack, but not Cori Bush. The Missouri Democrat called Israel’s response an “ethnic cleansing campaign,” and was among 10 House members who did not back a resolution supporting Israel. Bush now faces a challenge in next year's Democratic primary. She isn’t alone.
Weiterlesen »
War in the Middle East upends the dynamics of 2024 House Democratic primariesMost members of Congress have stood firmly behind Israel since the Hamas attack, but not Cori Bush
Weiterlesen »
War in the Middle East upends the dynamics of 2024 House Democratic primariesMost members of Congress have stood firmly behind Israel since the Hamas attack, but not Cori Bush.
Weiterlesen »
War in the Middle East upends the dynamics of 2024 House Democratic primariesMost members of Congress have stood firmly behind Israel since the Hamas attack, but not Cori Bush
Weiterlesen »
War in the Middle East upends the dynamics of 2024 House Democratic primariesMost members of Congress have stood firmly behind Israel since the Hamas attack, but not Cori Bush.
Weiterlesen »