London (Reuters)
Oil prices stabilized today, Wednesday, after losses incurred in the previous session in light of growing expectations that the Federal Reserve (the US Central Bank) reducing interest rates will take longer than expected, which overshadowed existing concerns about attacks on shipping in the Red Sea.
Brent crude futures fell 14 cents, or 0.17%, to $82.20 per barrel by 1511 GMT, while US West Texas Intermediate crude futures fell nine cents, or 0.12%, to $76.95.
Both crude contracts fell from their highest levels in about three weeks yesterday, Tuesday, as Brent contracts fell by 1.0% and West Texas Intermediate contracts fell by 1.4%.
The premium for Brent crude futures contracts for the nearest month of April over September contracts reached its highest level since October 31 on Monday at $3.64 per barrel, although it has declined since then to about $3.50. The premium is a fine for late sales and a sign of scarcity of supply in the market.
Concerns that the Federal Reserve will take longer to lower interest rates than expected have weighed on the outlook for oil demand.
2024-02-21 16:59:39
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