• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days The United States produced more crude oil than any nation, at any time.
  • 1 day e-truck insanity
  • 7 days How Far Have We Really Gotten With Alternative Energy
  • 7 days China deletes leaked stats showing plunging birth rate for 2023
  • 8 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Bad news for e-cars keeps coming
Oil Prices Set for Third Weekly Loss in a Row

Oil Prices Set for Third Weekly Loss in a Row

OPEC+'s potential supply increases have…

Demand Pessimism on Oil Market Dissipates

Demand Pessimism on Oil Market Dissipates

The pessimism that has gripped…

What Does OPEC’s Strategy Shift Mean for the Oil Market?

What Does OPEC’s Strategy Shift Mean for the Oil Market?

OPEC+ changes course, announcing plans…

Editorial Dept

Editorial Dept

More Info

Premium Content

Oil Bounces Back on Rate Cut Optimism

Traders

Oil Market Weekly Recap and Forecast

Oil prices closed higher on Thursday, rebounding after a week of significant losses. The market reacted positively to the European Central Bank's (ECB) decision to cut interest rates, which raised hopes that the Federal Reserve might follow suit. Additionally, reassurances from OPEC+ ministers about potential adjustments to their oil output agreement provided some support. However, the overall sentiment remains cautious due to mixed economic signals and increasing oil inventories in the U.S.

Central Bank Actions and Implications

The ECB's recent interest rate cut, its first since 2019, marked a significant effort to tackle inflation. Following this, Denmark's central bank also lowered its benchmark interest rate by 25 basis points to 3.35%. The ECB cited progress in reducing inflation, which fell to 2.6% in the eurozone from 10% in late 2022. These actions by European banks have led analysts to speculate that the Federal Reserve might cut rates in September, especially as lower fuel costs and easing supply chain issues contribute to the inflation decline. However, the prospect of rate cuts comes amidst a slowing economy, which could negatively impact oil demand despite the immediate supportive effect on market sentiment.

US Economic Indicators and Fed Expectations

In the United States, economic indicators present a mixed picture. The number of new unemployment claims rose last week, and first-quarter unit labor…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News