Reported 27 days ago
Oil prices are on track for their first weekly gain in a month, supported by storm Francine disrupting crude production and a positive market sentiment anticipating Federal Reserve interest rate cuts. Brent crude climbed above $72 per barrel, up nearly 2% this week, although broader concerns linger about weak demand in China affecting global consumption. The International Energy Agency noted the lowest consumption growth since the pandemic and OPEC+'s decision to hold back on supply changes as it navigates the subdued demand landscape.
Source: YAHOO