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Oil Prices Decline Amid Reduced Expectations of US Interest Rate Cut and OPEC+ Decision
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- US jobs data indicates a dampening of hopes for a near-term rate cut by the Federal Reserve
- ECB rate cut had previously spurred hopes for similar action by the Fed
- OPEC+ may adjust output, as indicated by Saudi energy minister
- US oil rig count hits its lowest level since January 2022
- Oil prices edged down on Friday and marked a third consecutive weekly loss
- Investors weighed OPEC+ reassurances against the latest US jobs data, which lowered expectations of a Fed rate cut soon
- Brent crude futures settled at $79.62 a barrel, while US West Texas Intermediate crude fell to $75.53 a barrel
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