Solid Gold Berjangka | Oil Prices Muted Amid Doubts Over China Demand, U.S. Rate Outlook
Oil prices kept to a tight range on Tuesday after a weak start to the week, as investors weighed the prospect of softer Chinese demand after a disappointing interest rate cut, while also awaiting more signals on U.S. monetary policy.
The prospect of tighter markets this year, especially following steep production cuts by Saudi Arabia and Russia, still kept crude prices trading close to their strongest levels for 2023.
But prices have largely lost all upward momentum seen over the past seven weeks, as doubts over Chinese demand and fears of further increases in U.S. interest rates dented sentiment.
Strength in the dollar also weighed on oil prices, although the greenback retreated slightly from two-month highs over the past two sessions.
Brent oil futures steadied at $84.48 a barrel, while West Texas Intermediate crude futures were flat at $80.17 a barrel by 20:28 ET (00:28 GMT). Both contracts marked their first weekly loss in eight last week.
Source : Investing
No Comments