Reported 6 months ago
Oil prices dipped as optimistic US jobs data reduced expectations of Federal Reserve interest rate cuts, while the European Central Bank proceeded with its first interest rate cut since 2019 despite uncertain inflation outlook. Brent crude settled at $79.62 a barrel, WTI at $75.53. Despite OPEC+ readiness to maintain output levels and the US oil rig count falling, concerns over demand led to a third consecutive weekly decline in oil prices, with Brent down 2.5% and WTI down 1.9%. Other factors impacting prices include higher US jobs growth rates dampening enthusiasm and Chinese crude oil import decreases signaling demand worries.
Source: YAHOO