Reported 5 months ago
Oil prices stabilized as the market reacted to contradictory signals regarding crude demand amidst concerns of a U.S. economic slowdown. Brent crude settled at $85.11 a barrel, while U.S. West Texas Intermediate (WTI) closed at $82.82. A surge in unemployment claims in the U.S. raised expectations for a possible Federal Reserve rate cut, which could spur oil consumption, yet weak gasoline demand limited upward movement in prices. The complex dynamics of U.S. and Chinese economic activity continue to impact investor sentiment.
Source: YAHOO