Oil prices drop as Federal Reserve officials plan to continue reducing interest rates, while there is an increase in gasoline inventories.

Reported 10 months ago

Oil prices remained stable as investors awaited U.S. inflation data to gauge demand outlook before turning focus to the upcoming OPEC+ meeting. Brent futures were slightly up at $82.00 a barrel, while WTI crude was down at $77.87. Brent futures are set for a monthly loss of nearly 7% after a surprise build in U.S. fuel inventories, despite a deeper draw in crude oil stocks. The market is also watching for the U.S. inflation data release and the OPEC+ meeting on Sunday, where discussions are ongoing about extending oil production cuts into 2025, potentially leading to a rise in oil prices.

Source: YAHOO

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