Category: Forex News, News
Oil drops over $1 after US macro data, OPEC forecast weighs on investor sentiment; Brent at $82/bbl
What’s dragging crude oil prices?
-US producer prices increased more than expected in April amid strong gains in the costs of services and goods, indicating that inflation remained elevated early in the second quarter. Borrowing costs in the US have been stuck at high levels since last July as the government aims to quash sticky inflation.
-Federal Reserve Chair Jerome Powell said he expects US inflation to continue declining through 2024 but warned his confidence in those decreases has fallen after prices rose more quickly than expected through the first quarter.
Where are prices headed?
Analysts said that although no operational disruptions have been reported, Canada’s 3.3 million barrel per day production capacity was “very likely to be affected. The International Energy Agency (IEA) will gauge the supply-demand dynamics and the weekly US oil and its bi-products inventory data from EIA on Wednesday – ahead to beginning of the summer driving season in US.
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