Reported 9 months ago
Oil prices remained stable as key U.S. inflation data for May met expectations, raising optimism for potential interest rate cuts by the Federal Reserve later in the year. Brent crude futures for August gained 0.4% to $86.73 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 0.4% to $82.06. The market is anticipating a likely Fed rate cut in September, increasing expectations for a boost in oil demand due to lower interest rates. Analysts forecast Brent crude to stay around $90 a barrel, with concerns over Chinese demand and potential supply increases balancing geopolitical risks.
Source: YAHOO