The National on Nostr: Oil prices record weekly gain after US interest rate cut ========== Oil prices ...
Oil prices record weekly gain after US interest rate cut
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Oil prices recorded a weekly gain of over 4% following a 50 basis points interest rate cut by the US Federal Reserve on September 18, 2024, reducing the benchmark lending rate to 4.75-5.00%. US crude stocks decreased by 1.6 million barrels for the week ending September 13, surpassing analysts' expectations of a 500,000 barrel drop. Brent crude settled at $74.49 per barrel, while West Texas Intermediate closed at $71.92. The International Energy Agency revised down its 2024 oil demand growth forecast to 900,000 bpd, citing a slowing Chinese economy, which consumed 13.9 million bpd in August, down 6% year-on-year. Opec+ extended voluntary output cuts of 2.2 million bpd until the end of November, with further cuts possible depending on market conditions.
#OilPrices #UsFed #InterestRates #Opec #ChinaEconomy #CrudeStocks #EnergyMarket #Iea #Brent #Wti
https://www.thenationalnews.com/business/energy/2024/09/21/oil-prices-record-weekly-gain-after-us-interest-rate-cut/
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Oil prices recorded a weekly gain of over 4% following a 50 basis points interest rate cut by the US Federal Reserve on September 18, 2024, reducing the benchmark lending rate to 4.75-5.00%. US crude stocks decreased by 1.6 million barrels for the week ending September 13, surpassing analysts' expectations of a 500,000 barrel drop. Brent crude settled at $74.49 per barrel, while West Texas Intermediate closed at $71.92. The International Energy Agency revised down its 2024 oil demand growth forecast to 900,000 bpd, citing a slowing Chinese economy, which consumed 13.9 million bpd in August, down 6% year-on-year. Opec+ extended voluntary output cuts of 2.2 million bpd until the end of November, with further cuts possible depending on market conditions.
#OilPrices #UsFed #InterestRates #Opec #ChinaEconomy #CrudeStocks #EnergyMarket #Iea #Brent #Wti
https://www.thenationalnews.com/business/energy/2024/09/21/oil-prices-record-weekly-gain-after-us-interest-rate-cut/