Oil prices fall as strong US jobs data reduces likelihood of rate cuts in the near term. Both Brent crude and US West Texas Intermediate crude experience a weekly loss amid concerns over China’s economic slowdown and geopolitical tensions. Brent crude futures drop by 1.8% to $77.30 a barrel, while US West Texas Intermediate crude futures fall by about 2.2% to $72.23. The unexpected rise in US jobs data decreases the chances of Federal Reserve interest rate cuts, leading to a stronger dollar against major currencies. Additionally, the European Central Bank suggests it is premature to reduce interest rates in the region. Meanwhile, the International Monetary Fund predicts a decline in China’s economic growth in the coming years. Earlier reports of a ceasefire between Israel and Hamas also contribute to the decline in oil prices. OPEC+ maintains its output policy for the first quarter but will decide in March whether to extend voluntary oil production cuts. Gradual reversal of the cuts is expected. The pause in the conflict could ease concerns regarding political risks in energy shipping lanes.
Oil Prices Drop 2% as Strong US Jobs Data Diminishes Chance of Rate Cuts
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