Oil extends fall on signs of weak fuel demand, strong dollar
==========
Oil prices extended declines on Monday amid signs of weak fuel demand and as comments from U.S. Federal Reserve officials dampened hopes of interest rate cuts, which could slow growth and crimp fuel demand in the world's biggest economy. Brent crude futures slid 25 cents, or 0.3%, to $82.54 a barrel by 0505 GMT, while U.S. West Texas Intermediate crude futures were at $78.07 a barrel, down 19 cents, or 0.2%. China's producer price index (PPI) contracted in April, suggesting that business demand remained sluggish. Both benchmarks settled about $1 lower on Friday as Fed officials debated whether U.S. interest rates are high enough to bring inflation back to 2%. Oil prices also fell amid signs of weak demand, as U.S. gasoline and distillate inventories rose in the week ahead of the start of the U.S. driving season. Refiners globally are struggling with slumping profits for diesel as new refineries boost supplies and as mild weather in the northern hemisphere and slow economic activity eat into demand. The market remained supported by expectations that OPEC+ could extend supply cuts into the second half of the year. Iraq, the second-largest OPEC producer, is committed to voluntary oil production cuts agreed by OPEC and is keen to cooperate with member countries on efforts to achieve more stability in global oil markets. The oil rig count in the U.S. fell by three to 496 last week, their lowest since November.
#OilPrices #FuelDemand #FederalReserve #InterestRateCuts #Inflation #Opec #Iraq #OilRigCount
https://finance.yahoo.com/news/oil-extends-decline-signs-weak-004830876.html
Yahoo Finance /
npub1j0e…3yhd
2024-05-13 08:17:23
Author Public Key
npub1j0e6zhr82q4par2f4ecr67zvj0ltv8qgqr8v3llw2ed6qvdrm4fs9s3yhdPublished at
2024-05-13 08:17:23Event JSON
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"content": "Oil extends fall on signs of weak fuel demand, strong dollar\n==========\n\nOil prices extended declines on Monday amid signs of weak fuel demand and as comments from U.S. Federal Reserve officials dampened hopes of interest rate cuts, which could slow growth and crimp fuel demand in the world's biggest economy. Brent crude futures slid 25 cents, or 0.3%, to $82.54 a barrel by 0505 GMT, while U.S. West Texas Intermediate crude futures were at $78.07 a barrel, down 19 cents, or 0.2%. China's producer price index (PPI) contracted in April, suggesting that business demand remained sluggish. Both benchmarks settled about $1 lower on Friday as Fed officials debated whether U.S. interest rates are high enough to bring inflation back to 2%. Oil prices also fell amid signs of weak demand, as U.S. gasoline and distillate inventories rose in the week ahead of the start of the U.S. driving season. Refiners globally are struggling with slumping profits for diesel as new refineries boost supplies and as mild weather in the northern hemisphere and slow economic activity eat into demand. The market remained supported by expectations that OPEC+ could extend supply cuts into the second half of the year. Iraq, the second-largest OPEC producer, is committed to voluntary oil production cuts agreed by OPEC and is keen to cooperate with member countries on efforts to achieve more stability in global oil markets. The oil rig count in the U.S. fell by three to 496 last week, their lowest since November.\n\n#OilPrices #FuelDemand #FederalReserve #InterestRateCuts #Inflation #Opec #Iraq #OilRigCount\n\nhttps://finance.yahoo.com/news/oil-extends-decline-signs-weak-004830876.html",
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