Crude oil prices are on track for a weekly gain, supported by the Fed's rate cut and a decline in U.S. crude oil inventories, despite ongoing concerns about global demand.
Crude oil prices are on track to end the week with a rare gain for the past few months, supported by the Fed’s decision to cut the key interest rate by 0.5%. Both Brent crude and West Texas Intermediate dipped slightly earlier today, in midmorning Asian trade, but look set to end the week higher than they started, with WTI rising from about $69 per barrel to close to $72 per barrel at the time of writing. Brent crude looked set to gain about $2 per barrel over the week.
Back to the Fed’s rate cut, ING commodity analysts wrote in a note following the announcement that the cut has already been largely priced into benchmarks, saying that “For oil, that means attention will likely turn back to demand worries. China has obviously been the key concern when it comes to demand, but there have also been reports of refiners in Europe cutting run rates due to poor margins.
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