PT Solid Gold Berjangka | Oil Prices Rise as Investors Look for Signs US Rate Cuts to Begin
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Solid Gold Berjangka | This is as investors are wary of signs of a rate cut cycle that is expected to begin as early as September.Brent crude oil prices were up 48 cents, or 0.57%, at $83.10 a barrel by 0035 GMT, while U.S. West Texas Intermediate crude futures were up 42 cents, or 0.52%, at $80.55.
Since the June FOMC meeting, inflation and labor market data have shown that disinflation and labor market rebalancing are in place.”The Federal Reserve will hold its next Federal Open Market Committee (FOMC) meeting on July 30-31, and investors expect the Fed to leave interest rates unchanged and look for signals that a rate cut will be implemented later in the year.
On the political front, U.S. President Joe Biden decided against reelection on Sunday due to pressure from Democrats and endorsed Vice President Kamala Harris as the party’s candidate to face Republican Donald Trump in November.China’s weaker-than-expected second-quarter economic growth rate of 4.7% last week raised concerns about China’s oil demand and continued to weigh on prices.
On Sunday, China released a policy document outlining its known ambitions, from developing advanced industries to improving the business environment, but analysts see no signs of imminent structural transformation in the world’s second-largest economy.
Source Reuters