Oil prices dipped on Tuesday, driven by worries over weakening Chinese demand and cautious investor sentiment ahead of the U.S. Federal Reserve's interest rate decision. Brent crude futures and U.S. West Texas Intermediate crude both saw declines, influenced by profit-taking and disappointing Chinese economic data. The market awaits the Fed's policy meeting, where a quarter-point interest rate cut is widely anticipated. Future oil prices may be impacted by rising non-OPEC+ supplies and slowing demand, particularly in China.
Oil prices were down on Tuesday as China’s economic data renewed demand concerns, while investors remained cautious ahead of the U.S. Federal Reserve ’s interest rate decision.
On Monday, prices fell from multi-week highs on unexpected weakness in consumer spending data from China, despite strength in industrial output, and as investors moved into a holding pattern ahead of the Fed’s meeting. “A 25 basis point cut has already been priced in by the market, so any surprises may move the market,” said Anh Pham, a LSEG analyst.The oil market for next year could be affected by growing supplies from non-OPEC+ countries such as the U.S. and Brazil and slowing demand, chiefly in China.
OIL PRICES CHINA DEMAND FEDERAL RESERVE INTEREST RATES ENERGY MARKET
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil prices drop on soft Chinese spending dataBrent crude futures fell 60 cents to $73.89 a barrel by 1043 GMT, while U.S. West Texas Intermediate crude dropped by 70 cents to $70.59
Read more »
Oil prices drop on soft Chinese spending dataBrent crude futures fell 60 cents to $73.89 a barrel by 1043 GMT, while U.S. West Texas Intermediate crude dropped by 70 cents to $70.59
Read more »
Oil is not the problem; burning oil is the problemOil itself not evil. It is a benign, amoral substance
Read more »
Oil spill in Kerch Strait after two Russian oil tankers seriously damaged in stormTwo Russian oil tankers have been seriously damaged following a storm in the Kerch Strait, spilling oil and sparking an emergency rescue operation.
Read more »
Oil prices rise on upbeat China data, shaky Israel-Lebanon ceasefireBrent crude futures climbed 75 cents to $72.59 a barrel by 1002 GMT, while U.S. West Texas Intermediate crude rose 70 cents to $68.70
Read more »
Oil prices rise amid China’s monetary policy move, Assad’s fallBrent crude futures were up 94 cents to $72.06 a barrel by 0852 GMT, while U.S. West Texas Intermediate crude futures gained $1.00 to $68.20
Read more »