2024-03-21 13:07:21
Live – Noha Makram – Oil prices stabilized after the stability of the country following its sharp decline in the previous session overshadowed optimism that the Federal Reserve will maintain the path of reducing interest rates this year.
Brent crude oil settled near the level of $86 per barrel, and the global benchmark index witnessed the largest decline in about a month yesterday, Wednesday, after heading into the zone of overbought.
Fed officials maintained their expectations of cutting interest rates three times this year, while interest rates were fixed at its meeting yesterday. The dollar fell after the Federal Reserve announced its decision, but stabilized at the beginning of today’s trading following the surprise interest rate cut by the Swiss Central Bank. It is noteworthy that the strength of the dollar weighs on the prices of goods denominated in the US currency.
Warren Patterson, head of commodity strategy at ING, said that despite signs that the oil rally was losing momentum, oil markets breathed a sigh of relief after the Federal Reserve confirmed a three-time rate cut this year.
Crude oil witnessed a significant rise of more than 10% this year thanks to OPEC+ continuing to reduce production, along with geopolitical tensions, including Ukrainian attacks on Russian refineries and high transportation costs as a result of attacks on ships in the Red Sea. However, Gains are limited due to the jump in supply from outside OPEC.
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Nominations:
Oil prices rose at the end of trading on Tuesday
Oil continues last week’s gains as supply risks increase
The International Energy Agency lowers its forecast for global oil demand to 2024
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Follow the latest stock and economic news via our Telegram channel
Nominations:
Oil prices fell at the end of Wednesday’s trading
Oil continues last week’s gains as supply risks increase
The International Energy Agency lowers its forecast for global oil demand to 2024
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