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

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Stan Rogers Folk Festival 2024: 27 years of music and community | SaltWire #festival #music #ns - 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.

"It's really important that we don't lock into any particular path for monetary policy," Logan said at an event in El Paso, Texas."I think it's too soon to really be thinking about rate cuts." Gasoline inventories, however, rose in the U.S. against an expectation that demand would be higher ahead of the long Memorial Day weekend, which signals the start of the summer driving season. Stocks were up 2 million barrels for the week to 228.8 million barrels, the EIA said, compared with expectations for a 400,000-barrel draw. ​

 

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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.
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