Investing.com UK on Nostr: Oil prices fall amid US rate jitters, surprise inventory build ========== Oil prices ...
Oil prices fall amid US rate jitters, surprise inventory build
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Oil prices fell in Asian trade on Thursday due to concerns over high US interest rates and an unexpected build in inventories. Traders priced out a risk premium from oil prices following the death of Iran's President, which had little immediate impact on geopolitical conditions in the Middle East. Cooling optimism over stimulus measures in China also contributed to the weakness in markets. Brent oil futures fell 0.7% to $81.35 a barrel, while West Texas Intermediate crude futures fell 0.8% to $76.98 a barrel. The minutes of the Fed's late-April meeting showed waning confidence among policymakers that inflation was easing as expected, potentially necessitating high for longer interest rates. US inventories saw an unexpected build in the week to May 17, furthering fears of sluggish demand and well-supplied markets. The Memorial Weekend holiday, which usually marks the beginning of the travel-heavy summer season, is expected to boost demand.
#OilPrices #UsRateJitters #InventoryBuild #Iran #China #FederalReserve #UsInterestRates #Demand #Opec+
https://uk.investing.com/news/commodities-news/oil-prices-fall-amid-us-rate-jitters-surprise-inventory-build-3511488
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Oil prices fell in Asian trade on Thursday due to concerns over high US interest rates and an unexpected build in inventories. Traders priced out a risk premium from oil prices following the death of Iran's President, which had little immediate impact on geopolitical conditions in the Middle East. Cooling optimism over stimulus measures in China also contributed to the weakness in markets. Brent oil futures fell 0.7% to $81.35 a barrel, while West Texas Intermediate crude futures fell 0.8% to $76.98 a barrel. The minutes of the Fed's late-April meeting showed waning confidence among policymakers that inflation was easing as expected, potentially necessitating high for longer interest rates. US inventories saw an unexpected build in the week to May 17, furthering fears of sluggish demand and well-supplied markets. The Memorial Weekend holiday, which usually marks the beginning of the travel-heavy summer season, is expected to boost demand.
#OilPrices #UsRateJitters #InventoryBuild #Iran #China #FederalReserve #UsInterestRates #Demand #Opec+
https://uk.investing.com/news/commodities-news/oil-prices-fall-amid-us-rate-jitters-surprise-inventory-build-3511488