Oil prices eased today trading down as U.S. Federal Reserve officials said they were awaiting more signs that inflation was declining before the central bank starts cutting interest rates. Two top Fed officials said they’re not yet ready to say inflation trends are again moving sustainably back to the central bank’s 2% target, weighing in […]
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Oil prices settled higher today, with Brent notching its first weekly gain in three weeks as economic indicators from the US and China bolstered hopes for higher demand. Chinas industrial output rose 6.7% year over year as a recovery in its manufacturing sector gained pace. Declines in oil and refined product inventories at global trading […]
Crude prices were slightly higher today after data showed a stabilizing US jobs market. Wednesday’s slower-than-expected U.S. inflation data for April also fed market expectations for a September cut in interest rates, which could temper dollar strength and make greenback-denominated oil more affordable for holders of other currencies. “Even though the jobless claims were low, […]
Oil prices rose today after lukewarm inflation data and a draw in crude inventories. US crude inventories fell 2.5MM/bbls, much higher than the 500K/bbl draw expected. “The crude oil draw is mostly from the increase in the refinery utilization rate … Refiners finally got serious about that, finally cranked it up a bit,” Bob Yawger, […]
Oil prices were lower today after US data stoked concerns that interest rates may stay high. Producer prices increased more than expected in April. Fed Chair Jerome Powell said he expects US inflation to keep declining through 2024 but warned he is less confident now. “The inflation story is not under control that is pulling […]
Oil prices rose today on signs of improving demand. Prices drew support from expectations of strong U.S. gasoline demand, as motorist group AAA forecast this year’s Memorial Day travel activity will be the highest since 2005, with road trips at a record since 2000. On the supply front, investors are watching for potential oil supply […]
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Oil prices fell by nearly $1/bbl on Friday as central bank officials indicated higher for longer interest rates, which strengthened the dollar and could hinder demand. v Dallas Federal Reserve President Lorie Logan on Friday said it was unclear whether monetary policy was tight enough to bring down inflation to the U.S. central bank’s 2% […]
Oil prices were higher today, edging up to one week highs closing at their highest since the 30th. Data from China and the US both showed demand could rise. “Oil prices traded in a very tight range. There’s not a lot of oil news out there. The geopolitical news from the Middle East is in […]