Oil prices are under pressure this week as the expectation of higher-for-longer interest rates in the U.S. is driving demand pessimism.
Crude oil prices have weakened this week, as expectations of higher rates for longer in the U.S. were seen depressing demand for everything including oil. Lower volatility on oil markets as traders cut their bullish positions on crude also helped push oil lower earlier today—a trend that Bloomberg sees extending, as it cited yet another report of a drone attack on a Russian refinery as failing to produce any effect on international oil benchmarks.
Fed, meanwhile remains reluctant to start cutting interest rates, with senior officials citing their lack of conviction that inflation has been put firmly under control, which would justify the rate cuts. Meanwhile, the news of the death of Iran’s president and the bad health of Saudi Arabia’s king also failed to affect prices in a positive way. According to some analysts, this is because the consequences of these events are yet to manifest themselves.
Oil Prices WTI Brent Demand Interest Rates Volatility Sentiment
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