Oil prices nudged lower for a second straight session on Monday, weighed down by a firmer dollar as expectations of interest rate cuts were pushed out...
SINGAPORE - Oil prices nudged lower for a second straight session on Monday, weighed down by a firmer dollar as expectations of interest rate cuts were pushed out further following strong U.S. jobs data on Friday.
"Regarding Macron and elections, it does create another layer of uncertainty, coming after the upside surprise in U.S. non-farm payrolls, which saw yields scream higher," Tony Sycamore, a Sydney-based analyst at IG said. Brent and WTI posted their third straight weekly loss last week on concerns that a plan to unwind production cuts by the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, from October will add to rising global supply.
In the U.S., Washington stepped up purchasing of crude oil to replenish the Strategic Petroleum Reserve after prices fell. -- Prime Minister Justin Trudeau’s government will call for a vote this week on a planned hike in the capital-gains tax inclusion rate, a measure that would raise billions in additional government revenue and has attracted the ire of Canada’s business community.
Interest Rate Cuts Brent Crude Futures Tony Sycamore
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 price news: Oil slips in risk-off mood as attention turns to OPEC+ meetingOil futures dropped alongside equity markets as traders look ahead to Sunday’s OPEC+ meeting.
Read more »
Oil price news: Oil algorithmic traders amplify crude price rout after OPEC’s surpriseOil traders that rely on trend-following algorithms compounded a selloff in crude this week as OPEC+ unexpectedly signaled plans to return some supplies to the market later in the year.
Read more »
Oil price news: Oil pares weekly loss as OPEC+ repeats that hike is conditionalOil futures pared a weekly loss after some members of OPEC+ reiterated that its plan to revive halted supplies is contingent on market conditions.
Read more »
Oil price news: Oil gains as OPEC+ ministers reject reaction to output increaseOil edged higher for a second session, with the Saudi energy minister warning that OPEC+’s planned production changes can be reversed.
Read more »
Oil price news: Oil holds near 4-month low on signs of rising U.S. stockpilesOil held losses near a four-month low as an industry report pointed to an increase in U.S. crude stockpiles, adding to bearish sentiment compounded by OPEC+’s plan to boost supply.
Read more »
Oil price news: Oil prices slide after OPEC+ plan spurs concern about glutOil futures extended declines Tuesday following OPEC+’s plan to return barrels to the market earlier than expected, raising concerns that the market will be oversupplied.
Read more »