2024-02-16 12:00:00
Oil prices varied today as investors evaluated expectations of a slowdown in demand and weak US retail sales data revived hopes for a cut in US interest rates.
Brent crude futures fell 11 cents, equivalent to 0.1%, to $82.75 per barrel, while US West Texas Intermediate crude futures rose one cent to $78.04 per barrel, according to the Omani News Agency.
The two benchmarks rose more than 1% yesterday, Thursday, as a larger-than-expected decline in US retail sales raised hopes that the Federal Reserve would begin cutting interest rates in the coming months, which could be positive for oil demand.
A report by the US Department of Commerce yesterday, Thursday, showed that retail sales fell 0.8% last month, which is the largest decline since February 2023.
The International Energy Agency’s monthly report stated that it expects global oil demand to grow by 1.22 million barrels per day this year, a slight decline from last month’s estimate, while OPEC on Tuesday stuck to higher growth expectations of 2.25 million barrels per day.
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