Brent Crude Oil Surpasses $83 a Barrel as U.S. Inventories Decline for Two Consecutive Weeks
17 thg 5, 2024
Oil prices increased on Thursday (May 16) as U.S. crude inventories fell for the second consecutive week and inflation showed signs of weakening.
Specifically, the U.S. Energy Information Administration (EIA) reported a 2.5 million-barrel decrease in crude oil stocks last week, with refiners processing more crude, indicating potential rising demand.
At the close of trading on May 16, WTI crude futures rose by 60 cents (or 0.76%) to $79.23 per barrel. Brent crude futures gained 52 cents (or 0.63%) to $83.27 per barrel.
With inflation easing slightly in April, markets are anticipating that the Federal Reserve may cut interest rates in September 2024. Lower interest rates could stimulate the economy and boost crude oil demand.
WTI and Brent crude have seen slight increases since the start of the week, but are still down 3% and 5.2% respectively for the month.
Source: Vietstock
Related Posts
The dollar posted moderate gains on Friday due to the weakness of the yen after the Bank of Japan did not tighten its monetary policy.
Metals News September 23, 2024
23 tháng 9, 2024
Thursday's Export Sales report indicated that total export commitments for corn are currently at 14 million metric tons (MMT), a 21% increase from the same period last year.
Agriculture News September 23, 2024
23 tháng 9, 2024
Related Post
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.
Add a Title
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.
Add a Title
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.