Oil prices down to $75 as demand jitters offset rate cut cheer, inventory draw
Investing.com-- Oil prices fell in Asian trade on Thursday, extending a run of recent losses as weak U.S. labor data fueled concerns over an economic slowdown in the country and largely offset optimism over interest rate cuts.
The Bureau of Labor Statistics revised down March 2024’s employment gains by 818,000 positions, as part of an annual review of payrolls data. While the softer labor market reading did cement expectations for an interest rate cut in September, it also added to concerns that the Federal Reserve may be too late in cutting rates, and that the U.S. economy was headed for a hard landing.
Weak economic readings from China also fueled concerns over slowing demand in the face of a slowdown in the world’s biggest oil importer.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
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