PT Solid Gold Berjangka | Oil prices rise on hopes of US rate cuts boosting fuel demand
OIL PT SGB SOLID GOLD BERJANGKA SG BERJANGKA SOLID GROUP
Solid Gold Berjangka | Oil prices rose on Thursday, recovering some of the previous day’s loss, on hopes of potential U.S. interest rate cuts boosting economic activity and fuel demand, though lingering concerns over slower global demand capped gains.
Brent crude futures climbed 17 cents, or 0.2%, to $79.93 a barrel by 0029 GMT. U.S. West Texas Intermediate crude increased by 23 cents, or 0.3%, to $77.21 per barrel.
Both benchmarks fell more than 1% on Wednesday after U.S. crude inventories rose unexpectedly and on easing worries about a wider Middle East conflict.
U.S. consumer prices rose moderately in July and the annual increase in inflation slowed to below 3% for the first time in nearly 3-1/2 years, reinforcing expectations the Federal Reserve will cut interest rates next month.
U.S. crude oil stockpiles rose by 1.4 million barrels in the week ended Aug. 9, compared with estimates for a 2.2 million barrel draw, building for the first time since late June, Energy Information Administration (EIA) data showed on Wednesday.
Earlier this week, the International Energy Agency trimmed its 2025 estimate for oil demand growth, citing the impact of a weakened Chinese economy on consumption. That came after OPEC cut expected demand for 2024 for similar reasons.
Source: Reuters