Oil eases on uncertain demand, market eyes US inventory data

Brent futures fell 20 cents, or 0.3%, to $76.92 a barrel at 0400 GMT, while U.S. West Texas Intermediate crude futures were down 19 cents, or 0.3%, at $72.34.

However, the market was cautious as Fed Chair Jerome Powell in congressional testimony on Wednesday reinforced that the central bank's objective was to rein in inflation and said two more 25-basis point rate hikes by year end was "Higher interest rates ultimately increase borrowing costs for consumers, which could slow economic growth and reduce oil demand.

"China's economic rebound is still the focus of oil traders. More stimulus measures by the Chinese government could improve the oil demand outlook," said Tina Teng, markets analyst at CMC, adding that data next week on Chinese factory activity could steer oil price moves.

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.

Liberia: Innovative Approach to Sustainable Development Policy and Investment for Public, Private SectorsOil palm has brought significant benefits and prosperity to Liberia. The export of crude palm oil is a major source of foreign exchange earnings for the government. The palm oil crop covers more than 1 million hectares, hundreds of thousands are employed in the palm oil sector, and at least 21 percent of the farming households produce palm oil.
La source: allafrica - 🏆 1. / 99 Lire la suite »

Oil steady after surprise dip in U.S. crude stocks offsets demand fearsOil 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.
La source: ReutersAfrica - 🏆 31. / 53 Lire la suite »