20 tháng 2, 2024
Brent Oil Prices Decline Slightly
On Monday, February 19, oil prices fell as the market absorbed comments from Federal Reserve officials indicating a more patient stance on potential interest rate cuts, amid light trading due to the U.S. holiday.
At the end of the trading session on February 19, Brent crude oil futures decreased by 58 cents (0.69%) to $82.89 per barrel. WTI crude oil futures dropped by 35 cents (0.44%) to $78.84 per barrel.
The market has yet to see a clear demand trend from China following the country's return from a week-long Lunar New Year holiday, while U.S. President's Day festivities led to relatively quiet trading.
After a week of disappointing U.S. economic data—showing rising inflation alongside declines in retail sales and factory production—Fed policymakers signaled patience on interest rate cuts on February 16. Higher interest rates increase the cost of purchasing oil, contributing to a downward market trend.
ANZ Research analysts noted that the Organization of the Petroleum Exporting Countries (OPEC) is likely to manage "most levels of disruption," given that the organization's spare capacity is at its highest level in eight years, at 6.4 million barrels per day.
ANZ also pointed out: "The market is reminded of the uncertain demand outlook, with the International Energy Agency (IEA) warning that growth is expected to slow in 2024." The IEA also forecasts a supply surplus this year.
Source: Vietstock
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