Reported 4 months ago
Oil prices dipped as concerns about the impact of higher borrowing costs on demand arose due to resilient U.S. economic activity, with Brent futures falling 0.3% to $83.34 a barrel and U.S. West Texas Intermediate (WTI) crude dropping 0.3% to $79.00 ahead of U.S. stockpiles data. Despite a larger-than-expected drawdown in U.S. crude inventories reported by the American Petroleum Institute, ongoing pressure on oil prices was linked to a risk-off environment. Analysts anticipate that OPEC+ producers may maintain supply cuts to address rising global oil inventories, with focus on the upcoming OPEC+ meeting on June 2. Additionally, concerns about the Federal Reserve keeping interest rates higher for longer are contributing to the negative sentiment in oil markets.
Source: YAHOO