Oil prices settled on Thursday near their lowest level in seven-weeks, narrowly mixed and under pressure from weaker global demand, rising inventories and fading hopes for a quick cut in U.S. interest rates.
U.S. oil prices fell more than they have in months on Wednesday, dropping below $80 per barrel for the first time since March in response to signs of weak demand and an easing of Middle East tensions.
Rates on U.S. government debt were slightly lower Wednesday morning as traders prepared for the Federal Reserve's next policy update. The benchmark 10-year yield was down 2.8 basis points at 4.655% versus its 2024 closing high of 4.
Oil prices fell to a seven-week low for the second consecutive session on Thursday, weighed by weakening global demand, rising inventories and fading hopes for an early decline in U.S. interest rates.
A raft of data has demonstrated that inflation is proving stubborn, consumer confidence is falling and the U.S. economy is growing more slowly than expected.
Oil prices rose on Thursday, rebounding from three days of losses that took prices to their lowest since mid-March. Brent crude futures for July gained 58 cents, or 0.7%, to $84.02 a barrel by 1130 GMT.
Crude oil futures fell almost $3/bbl and refined product prices also slid by midday Wednesday, after the latest U.S. data showed a large U.S. commercial
Oil prices rose on Thursday, rebounding from three days of losses, on expectations the lower levels may prompt the U.S., the world's biggest crude consumer, to start replenishing its strategic reserve,
Oil prices were down more than 1% in Europe after the latest U.S. economic data further dented hopes the Federal Reserve could start cutting interest rates anytime soon.
A raft of data has demonstrated that inflation is proving stubborn, consumer confidence is falling, and the U.S. economy is growing more slowly than expected.
Oil prices fell about 3% to a seven-week low on Wednesday on a surprise build in U.S. crude stocks, the prospect of a Middle East ceasefire agreement and as hopes faded for near-term U.S. interest rate cuts that could boost oil demand.
Crude oil futures ended little changed Thursday, as a surprisingly large build in U.S. stockpiles that raised concerns about demand and a potential ceasefire in the Middle East held down any potential rebound from yesterday's sharp losses.
GMT, Light Crude Oil Futures are trading $80.70, down $1.23 or -1.50%. Firstly, the possibility of a ceasefire agreement in the Middle East, particularly between Israel and Hamas, has been a significant factor.
Oil prices fell about 3% to a seven-week low on Wednesday on a surprise build in U.S. crude stocks, the prospect of a Middle East ceasefire agreement and persistent U.S. inflation dampening the expected pace of interest rate cuts and oil demand growth.
Oil fell more than 1% on Wednesday, losing ground for a third straight session, sapped by the prospect of a ceasefire agreement in the Middle East and persistent U.S. inflation dampening the expected pace of interest rate cuts.