Oil steady after surprise dip in US crude stocks offsets demand fears

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 66%

Business News News

Business Business Latest News,Business Business Headlines

Oil prices held on to most of the previous day's gains in early trade on Thursday as markets weighed an unexpected draw in U.S. crude oil stocks against the prospect of weaker demand after the Federal Reserve chairman hinted at further interest rate hikes.Brent futures slipped 8 cents, or 0.1 per cent, to

Oil prices held on to most of the previous day's gains in early trade on Thursday as markets weighed an unexpected draw in U.S. crude oil stocks against the prospect of weaker demand after the Federal Reserve chairman hinted at further interest rate hikes.

The benchmarks had gained a dollar a barrel in the previous session as U.S. corn and soybean prices raced to multi-month highs, raising expectations that crop shortfalls around the globe could lower biofuels blending and increase oil demand. Official inventory data from the U.S. Energy Information Administration is due later on Thursday. The report was delayed by a day following the Juneteenth public holiday on Monday.

Higher interest rates ultimately increase borrowing costs for consumers, which could slow economic growth and reduce oil demand.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asia stocks slip as suspense builds for China, Fed newsSYDNEY : Asian stocks were subdued on Wednesday as a lack of new stimulus steps from Beijing frustrated investors, who were also wondering just how hawkish the world's most powerful central banker would chose to be later in the session.Federal Reserve Chair Jerome Powell faces lawmakers in two days of tes
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »