After a string of gains, crude oil prices are set to end this week with a loss on worry that interest rates in key markets will remain high, dampening demand for the commodity. The Federal Reserve and the European Central Bank both signaled recently they were going to postpone their rate cut plans because of the latest inflation data. In the U.S., the latest CPI report revealed a figure higher than expected for March, at 3.5%, while in the eurozone March inflation surprised positively, at 2.4%.
The likelihood of such a retaliation, it appears, is relatively slim, according to sources who spoke to Reuters this week. Even so, any kind of retaliation would likely affect oil prices positively. Another thing that affected prices positively this week was OPEC’s latest monthly report, which reiterated the cartel’s expectations for demand growth this year at 2.25 million barrels daily, declining to 1.85 million bpd in 2025.
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