Oil prices are on course for a weekly decline after comments from the Fed on interest rate cuts added to bearish sentiment, with the futures market swinging into contango for the first time since the start of the year.
Crude oil prices extended a two-day decline into the last trading day of the week pressured by Fed comments on rate cuts and the futures market swinging into contango for the first time since the start of the year, suggesting oversupply. Brent crude fell from over $84 per barrel earlier this week to below $82 earlier today while West Texas Intermediate fell below $78 per barrel.
Rate cuts are considered a major booster for oil demand among traders of the commodity and the absence of intentions to implement some in the world’s largest consumer inevitably dampen demand sentiment. This week, the dampening was reinforced by expectations of weakening oil demand in China as well. A crude oil inventory build as reported by the U.S.
Oil Prices WTI Brent Contango Interest Rates Demand Supply
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Oil Prices Set for Another Weekly Loss as Traders Focus on U.S. Interest RatesOil prices are on track for yet another weekly loss, with Brent and WTI trading near three-month lows as traders continue to focus on U.S. interest rates.
Weiterlesen »
Oil Prices Set for Another Weekly LossOil prices are set for another weekly loss after the U.S. Federal Reserve signaled it would keep interest rates higher for longer while the EIA reported a considerable inventory build.
Weiterlesen »
Promising Economic Signals Push Oil Prices Toward a Weekly GainSigns that major economies are finally overcoming inflation have helped to push oil prices higher, with both WTI and Brent set to post a weekly gain.
Weiterlesen »
Oil Prices Are on Course for the First Weekly Gain in WeeksOil prices are on course to book their first weekly gain in several weeks as China's exports and imports rose while ceasefire talks between Israel and Hamas fell apart.
Weiterlesen »
API Reports Significant Draw in Crude Oil InventoriesU.S. crude oil and gasoline inventories declined this week, impacting oil prices and the energy landscape.
Weiterlesen »
BP set to report lower profits and revenue as the oil price weakensBP is expected to announce slowing profits and revenues for the first quarter of 2024, as it wrestles with lower oil prices and weaker refining margins than this time last year.
Weiterlesen »