West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $77.75 on Monday.
WTI price edges lower to $77.75on Monday. The weaker US Consumer Sentiment and Chinese economic output data weigh on the black gold. China’s Industrial Production came in weaker than expected in May, adding pressure on the world’s top largest oil consumers. West Texas Intermediate , the UScrude oilbenchmark,is tradingaround $77.75on Monday. The downtick of the blackgoldis backed by weaker US consumer demand and the downbeat Chinese Industrial Production data.
Last week, Fed Chair Jerome Powell said during the Fed policy press conference that the central bank does not yet have the confidence to cut rates and he needs more convincing evidence that inflation was moving to the 2% target. The higher-for-longer US interest rate narrative continues to exert some selling pressure on black gold as it increases the cost of borrowing, which can dampen economic activity and oil demand.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crude Oil rally stumbles after Fed leans away from rate cuts, WTI falls back below $78West Texas Intermediate (WTI) US Crude Oil rose through Wednesday’s early trading, hitting a fresh June high near $79.00 per barrel before slumping back below $78.00 after the Energy Information Administration (EIA) reported another buildup in US Crude Oil supplies coupled with another Federal Reserve (Fed) rate hold.
Read more »
Crude Oil recedes further, WTI falls below $78 on rising supplies and cautious FOMCWest Texas Intermediate (WTI) US Crude Oil declined for a third straight day on Wednesday, falling below $78.00 per barrel once again after US Crude Oil barrel counts rose week-on-week after a previous decline.
Read more »
WTI remains on the back foot below $78.00 mark and two-week top touched on WednesdayWest Texas Intermediate (WTI) US crude Oil prices trade with a mild negative bias during the Asian session on Thursday, albeit lack bearish conviction and remain well within the striking distance of a nearly two-week high touched the previous day.
Read more »
In fight against T-Mobile, lawyers emerged $78 million richer while customers only got $25Anam Hamid is a computer scientist turned tech journalist who has a keen interest in the tech world, with a particular focus on smartphones and tablets. She has previously written for Android Headlines and has also been a ghostwriter for several tech and car publications.
Read more »
U.S. crude oil extends gains, trades above $78 as Department of Energy sees supply deficitThe Department of Energy sees an oil supply deficit this year.
Read more »
U.S. crude oil extends gains, trades above $78 as Department of Energy sees supply deficitThe Department of Energy sees an oil supply deficit this year.
Read more »