Oil prices cooled on Wednesday as Saudi Arabia said full oil production would be...
TOKYO - Oil prices cooled on Wednesday as Saudi Arabia said full oil production would be restored by month’s end while caution ahead of an expected U.S. interest rate cut kept wider financial markets in tight ranges.
U.S. West Texas Intermediate crude lost 0.5% to $59.06 per barrel, paring back around half of its gains after Saturday’s attack. A U.S. official told Reuters on Tuesday the United States believes the attacks originated in southwestern Iran, an assessment that could further increase the rivalry between Tehran and Riyadh.
“Markets are currently almost pricing in three more rate cuts by the end of next year, including one by the end of this year, but the chances are that the Fed’s stance will be more hawkish than markets and we could see a rise in bond yields in the near term,” said Masahiko Loo, portfolio manager at Alliance Bernstein.
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