Signs of slowing fuel demand and yet more indications from the Fed that interest rate cuts aren't coming any time soon have put downward pressure on oil prices.
Crude oil prices began the week with a decline on signs of slowing fuel demand and yet more indications from the Fed that rate cuts are not coming soon. Brent was trading below $83 per barrel and West Texas Intermediate was a little above $78 a barrel earlier today after shedding 1% on Friday, after the EIA reported builds in gasoline and distillate inventories and analysts reiterated expectations about delays in rate cuts.
“The prices data suggests that domestic demand is recovering, supply and demand continues to improve and the outlook for domestic demand and price recovery is optimistic,” a China Everbright Bank analyst told Reuters, adding that “However, consumer prices remain low and the industrial manufacturing sector is still under pressure, reflecting insufficient effective demand and that recovery in the sector is still not sufficiently balanced.
Oil Prices WTI Brent Fuel Demand Interest Rate Gasoline
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