Reported 7 months ago
Oil prices held steady after a positive start to the week, with US economic data indicating a slowdown in inflation while Russia agreed to reduce output. US producer prices fell the most in seven months, hinting at a deceleration in consumer price increases. Despite the Federal Reserve keeping interest rates unchanged with only one cut expected this year, West Texas Intermediate settled above $78 a barrel, up approximately 4% for the week. Russia's decision to reduce production by an additional 471,000 barrels per day on top of last year's 500,000 barrel-a-day cut also offered support. However, concerns over demand and abundant supplies have caused oil prices to trend lower since early April, with the International Energy Agency warning of a surplus in global markets over the next decade due to the accelerating shift away from fossil fuels. Incidents of ship attacks off Yemen continue, with a cargo vessel catching fire in the Gulf of Aden after being struck by two projectiles. This incident follows another assault in the area the previous day.
Source: YAHOO