“Hectic trading continues. Many factors remain influencing the price of oil right now, from a tight market to a declining growth outlook to a potential Iran nuclear deal.said Craig Erlam, Senior Market Analyst at OANDA.
Meanwhile, prices were pressured by concerns about slowing fuel demand in China, the world’s largest oil importer, in part due to power shortages in the country’s southwest.
Beijing cut its benchmark interest rate on Monday as part of measures to revive an economy weighed down by the housing crisis and a resurgence in COVID-19 cases.
Also pushing prices down, The dollar index rose to a five-week high on Monday. A stronger US currency is generally bearish for the market because much of the world’s oil trade is in dollars.
Investors will pay close attention to Fed Chairman Jerome Powell’s comments when he addresses an annual global central banking conference in Jackson Hole, Wyoming, on Friday.
Separately, the leaders of the United States, Britain, France and Germany discussed efforts to revive the 2015 Iran nuclear deal, the White House said on Sunday, which could allow Iranian oil to return to world markets.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
