Oil prices jumped in early Asian trading on Wednesday, fueled by a larger-than-expected decline in US oil inventories and a smaller-than-expected increase in producer prices.
Crude oil prices started trade today in Asia with gains following an industry report that saw yet another weekly decline in inventories as well as a smaller-than-expected increase in producer prices that fueled hopes for a rate cut . The American Petroleum Institute reported an estimated oil inventory decline of 5 million barrels for last week, following a week of a moderate increase. Based on API weekly data, U.S.
“Producer price increases cooled this month which is good news for the Fed's inflation fight, but there is no PPI deflation, so Fed officials do not have to rush to judgment and bring rate cuts forward because the economy is headed downhill,” Christopher Rupkey, chief economist of FWDBONDS told Reuters.
Oil Prices Oil Inventories API EIA Producer Prices Inflation Federal Reserve Rate Cut OPEC
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