Oil prices go down this Wednesday March 22 before the new signs of weak demand and awaiting a crucial decision on interest rates by the Federal Reserve US.
crude oil futures Brentwhich is up nearly 3% this week, is down 22 cents, or 0.3%, at $75.09 a barrel, and futures for the West Texas Intermediate in the United States (WTI) were down 25 cents, or 0.3%, at $69.45.
Data from the American Petroleum Institute on Tuesday cast doubt on the claim. after showing an unexpected rise in US crude inventories last week, sources said, defying analyst estimates of a decline.
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The official data of the Energy Information Management, the statistical arm of the US Department of Energy, will be released this afternoon.
The price weakness came after a surprise increase in UK inflation in Februarywhich fears new rate hikes one day before the Bank of England announces its latest decision on the matter.
The market will seek guidance from the Fed’s Federal Open Market Committee, which will announce its rate decision this afternoon. The expected 25 basis point rate hike marks a reversal from the sharp 50 basis point hike anticipated before the recent banking turmoil.
“It would be a big surprise for the Fed to raise rates further now, given everything that has happened in the last two weeks,” he said. Craig Erlam, from OANDA.
It is likely that OPEC+ maintains its agreement for production cuts of 2 million barrels per day (bpd) until the end of the year, even after the banking crisis plunged crude prices, three delegates from the producer group told Reuters.
Source: Ambito
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