Oil Prices Set for a Weekly Loss Due to Fears Interest Rates Will Remain High

  • 📰 OilandEnergy
  • ⏱ Reading Time:
  • 22 sec. here
  • 9 min. at publisher
  • 📊 Quality Score:
  • News: 36%
  • Publisher: 68%

Crude Oil News

Oil Prices,WTI,Brent

Oil prices are set to end this week with a loss after the Federal Reserve and European Central Bank signaled they were going to postpone their interest rate cuts.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 34. in LOANS

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil Prices Set to Post a Strong Quarterly GainOil prices are on track to post a strong gain this quarter, rallying by 14% since the start of the year thanks to OPEC cuts, geopolitical uncertainty, and hopes of an interest rate cut.
Source: OilandEnergy - 🏆 34. / 68 Read more »