Oil prices
Oil prices fell, Friday, after a US Federal Reserve official said that interest rate cuts should be postponed for at least two additional months.
By 1313 GMT, Brent crude futures fell 1.35, or 1.6 percent, to $82.32 per barrel. US West Texas Intermediate crude futures also fell 1.35, or 1.7 percent, to $77.26.
The two benchmark crude oils are heading for a weekly decline after two weeks of gains, but indicators of good demand for fuel and concerns about supplies may lead to a recovery in prices in the coming days.
Christopher Waller, a member of the US Central Bank’s Board of Governors, said yesterday, Thursday, that the central bank’s decision makers must postpone interest rate cuts for at least another two months, which may lead to a slowdown in economic growth and curb demand for oil.
The US Central Bank has kept the interest rate at a range of 5.25-5.5 percent since last July, and the minutes of its policy meeting last month showed that most of its officials appear concerned about rushing to ease monetary policy.
Oil futures rose on Thursday, amid continuing hostilities in the Red Sea, with the Houthis escalating their attacks near Yemen as part of their support for the Palestinians in the Gaza war.
The government of Israeli Prime Minister Benjamin Netanyahu agreed to send negotiators to Paris to participate in talks aimed at reaching a truce in Gaza, according to an informed source and Israeli media.
2024-02-23 14:21:16
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