Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

Brent holds above $90; traders eye U.S., European interest rates as guide to demand

Brent holds above $90; traders eye U.S., European interest rates as guide to demand

By Stephanie Kelly and Jeslyn Lerh

SINGAPORE (Reuters) -Brent crude futures held above $90 a barrel on Tuesday, while investors awaited macroeconomic data that could indicate whether interest rates will rise further in the U.S. and Europe and the repercussions that would have for oil demand.

November Brent crude futures rose 28 cents to $90.92 a barrel at 0300 GMT, while U.S. West Texas Intermediate crude futures for October edged 35 cents higher to $87.64.

Brent reached $90 a barrel last week for the first time in 10 months after Saudi Arabia and Russia announced they would extend voluntary supply cuts of a combined 1.3 million barrels per day (bpd) until the end of the year.

Traders would be watching August U.S. consumer price index data, due for release on Wednesday, which could well determine how much further interest rates rise in the world’s largest economy and biggest oil consumer, said Tina Teng, markets analyst at CMC.

The U.S. Federal Reserve is widely expected to leave interest interest rates unchanged at a policy meeting next week, though views are split over whether the Fed will raise rates or pause again in November.

The medium-term outlook for oil “remains bullish, with China reporting better economic data,” said Teng, adding that the OPEC+ output cuts are also the key factor behind the market’s upward momentum.

Meanwhile, the European Central Bank will announce its interest rate decision on Thursday. The European Commission on Monday forecast the euro zone to grow more slowly than previously expected in 2023 and 2024.

Investors also awaited industry data on U.S. crude stocks due at 2030 GMT on Tuesday. Crude inventories were expected to have fallen by about 2 million barrels in the week to Sept. 8, a preliminary Reuters poll showed on Monday. [EIA/S]

Also this week, the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC)will release monthly reports.

The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lackluster macroeconomic conditions. OPEC’s August report, meanwhile, kept its 2.25 million bpd demand growth forecast for 2024 unchanged.

(Reporting by Jeslyn Lerh in Singapore and Stephanie Kelly in New York; Editing by Jamie Freed)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts