“Oil prices rose on signs of a short-term supply shortage but remained near two-week lows.”, — write: www.epravda.com.ua
Oil prices rose on signs of a short-term supply shortage but remained near two-week lows.
About this informs Reuters.
Brent crude futures were up 17 cents, or 0.24%, at $72.06 a barrel, while U.S. West Texas Intermediate (WTI) futures were up 14 cents. or by 0.21%, to 68.26 dollars.
Falling demand forecasts and weakness in China, a major consumer, reportedly continued to weigh on market sentiment.
Last week, the Fed cut the key rate by a quarter of a percentage point to a range of 4.50%-4.75%. Lower interest rates usually stimulate economic activity and energy demand.
Analysts polled by Reuters estimated on average that oil inventories rose by about 100,000 barrels in the week to November 8.
We will remind:
Organization of Petroleum Exporting Countries (OPEC) lowered forecast for global oil demand growth in 2024 and 2025, with a focus on China, India and other regions, marking the fourth consecutive downward revision to the forecast.