Oil lower on firm dollar, market shrugs off Russian supply cuts

  • 📰 Reuters
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 97%

France Nouvelles Nouvelles

France Dernières Nouvelles,France Actualités

Oil prices inched lower in volatile trade on Monday, as a stronger dollar and fears of recession risks offset gains arising from Russia's plans to deepen oil supply cuts.

Fears of a hawkish Fed returned to the fore on Friday after the personal consumption expenditures price index, shot up 0.6% last month after gaining 0.2% in December.Adding to the downside pressure, U.S. crude oil inventories surged to the highest level since May 2021 last week, data from the Energy Information Administration showed.

"The EIA data continue to raise more questions instead of providing clarity on markets," analysts at the consultancy Energy Aspects said in a note, referring to the steep supply adjustment in the data that contributed to the build.from its western ports by up to 25% in March versus February, exceeding its previously announced production cuts of 5% of its output during the month.

Oil prices have fallen by about a sixth in the year since Feb. 24, 2022, when Russian troops first marched into Ukraine.

Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

 /  🏆 2. in FR
 

Merci pour votre commentaire. Votre commentaire sera publié après examen.

If Russia says they're cutting supply, and oil price rises only a nickel, is this giving Putin any new information? Essentially, at this point, the world has factored out the ***entire*** Russian supply. Putin remains a brilliant strategist.

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Mentoring Monday: The state of women in Florida - Jacksonville Business JournalAn exclusive new survey looks at the state of women in the workplace. Here's how the results in Florida compared to the rest of the nation.
La source: JaxBizJournal - 🏆 599. / 51 Lire la suite »