Wednesday, July 17, 2024

Oil prices rise on speculation that Saudi oil will be sacrificed

Date:

(MENAFN) Oil prices rose on Friday, July 15, helped by several hints that the U.S. Federal Reserve may raise interest rates more sharply than expected, after a U.S. official told Reuters that Saudi Arabia was not expected to raise its output directly.

Brent crude for September delivery was up 76 cents, or 0.77 percent, at $99.86 a barrel by early 0929 GMT, and West Texas Intermediate crude futures were up 28 cents, or 0.29 percent, at $96.06 a barrel.

The most dovish monetary policymakers at the Federal Reserve (US central bank) said on Thursday, July 14th that they are leaning towards another 75 basis point increase in interest rates at the central bank’s fiscal policy conference in July, not a big one. After the report was released on Wednesday, July 13, dealers quickly braced for inflation.

Uncertainty over rising interest rates and weak economic reports pushed both contracts down at least five dollars on Thursday, July 14, below their closing levels on February 23, a day ahead of the Russian conflict over Ukraine.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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