Reported 4 months ago
Oil prices fell about 1% due to concerns about weak U.S. gasoline demand and economic data that may prompt the Federal Reserve to maintain higher interest rates for longer, potentially impacting economic growth and oil demand. Brent futures settled at $83.60 a barrel, while U.S. West Texas Intermediate crude settled at $79.23. Factors contributing to the decline include worries about gasoline demand, anticipation of the U.S. personal consumption expenditure price index report, and expectations that OPEC+ will maintain production cuts. Geopolitical tensions in the Middle East also influenced oil prices.
Source: YAHOO