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Oil Prices Set for a Weekly Decline as Futures Market Swings Into Contango

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Crude Oil News

Oil Prices,WTI,Brent

Oil prices are on course for a weekly decline after comments from the Fed on interest rate cuts added to bearish sentiment, with the futures market swinging into contango for the first time since the start of the year.

Crude oil prices extended a two-day decline into the last trading day of the week pressured by Fed comments on rate cuts and the futures market swinging into contango for the first time since the start of the year, suggesting oversupply. Brent crude fell from over $84 per barrel earlier this week to below $82 earlier today while West Texas Intermediate fell below $78 per barrel.

Rate cuts are considered a major booster for oil demand among traders of the commodity and the absence of intentions to implement some in the world’s largest consumer inevitably dampen demand sentiment. This week, the dampening was reinforced by expectations of weakening oil demand in China as well. A crude oil inventory build as reported by the U.S.

 

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