Oil falls as Fed policymakers look to maintain rate cuts, gasoline stocks rise

- Oil prices fell early on Friday as investors responded to comments from U.S. Fed officials who said it was too soon to start considering rate cuts, and following a surprise build in U.S. gasoline stocks that weighed on the market.

Meanwhile, U.S. crude oil inventories fell 4.2 million barrels to 454.7 million barrels in the week ending on May 24, the Energy Information Administration said on Thursday, compared with expectations in a Reuters poll for a 1.9 million-barrel draw. The Organization of the Petroleum Exporting Countries led by Saudi Arabia and allies led by Russia, together known as OPEC+, are currently cutting output by 5.86 million barrels per day, equal to about 5.7% of global demand.Shares of Trump Media & Technology Group, the owner of social networking site Truth Social, slumped Thursday after former President Donald Trump was convicted in his hush money trial.US markets have had a rough week.

Canada Canada Latest News, Canada Canada Headlines

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

Oil price news: Oil trades near 3-month low on rising stocks and hawkish FedOil steadied near the lowest closing level in three months as traders weighed rising U.S. crude stockpiles and signs that the U.S. Federal Reserve may hold interest rates higher for longer.
Source: BNNBloomberg - 🏆 83. / 50 Read more »