Global oil prices decline amid concerns over US interest rates

Economy

Published: 2024-04-30 13:32

Last Updated: 2024-06-24 16:39


Oil Field
Oil Field

Oil prices fell in early trading on Tuesday, affected by concerns over the outlook for US interest rates, according to economic reports.

Brent crude futures dropped 5 cents, or 0.06 percent, to USD 88.35 a barrel, while West Texas Intermediate (WTI) crude futures declined by 12 cents, or 0.15 percent, to USD 82.51 a barrel.

Investors are anticipating the Federal Reserve meeting scheduled for Wednesday, where ongoing high inflation levels lead to expectations that the central bank may not cut interest rates.

Analysts believe this could strengthen the dollar and negatively impact oil demand.

 

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