Monday, February 26, 2024

Oil falls as focus on inflation fears via Reuters

Date:


SINGAPORE (Reuters) – Stocks fell on Thursday as investors doubled down on interest rate hikes by the U.S. Federal Reserve, a measure aimed at curbing inflation and curbing oil demand.

Brent crude for September delivery was down 20 cents, or 0.2 percent, at 99.37 a barrel by 0010 GMT, up nine cents on Wednesday.

West Texas Intermediate crude futures for August delivery were down 37 cents, or 0.4 percent, at $95.93 a barrel, after rising 46 cents in the previous session.

The U.S. Federal Reserve stepped up its fight against inflation to a 40-year low, with an unexpected 100 basis point interest rate hike this month and a disappointing inflation report that showed price pressures were mounting.

On Wednesday, the Bank of Canada raised its benchmark interest rate by 100 basis points to curb inflation. Economic cycle.

Citing draft forecasts, Bloomberg said on Wednesday that the European Commission expected higher inflation and cut GDP forecasts for 2022 and 2023 due to the war in Ukraine, lower demand due to higher prices and risks of winter energy shortages.

Meanwhile, US President Joe Biden is visiting on Friday, where he will attend a summit of allies in the Gulf and call on them to pump more oil.

(Prepared by Marwa Salam for Arabic Newsletter)

See also  Pressure on global supply chains eased in July
Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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