Oil slipped on Monday as concerns about a global economic slowdown and possible further interest rate hikes from the U.S. Federal Reserve weighed on prices, offsetting forecasts of tighter supplies and OPEC+ output cuts.
U.S. inflation still outpacingBrent crude futures were down 4 cents to $75.37 a barrel by 0800 GMT after settling up 0.8% on Friday. U.S. West Texas Intermediate crude was at $70.55 a barrel down 9 cents, after closing 1.1% higher in the previous session.
"Hawkish commentary on rates continues to raise concerns of the demand outlook weighing on prices," National Australia Bank analysts said in a note. Still, some analysts expect supplies to tighten and push prices higher in the second half after top exporter Saudi Arabia pledged an extra 1 million barrels per day output cut in July, while the U.S. is gradually replenishing its Strategic Petroleum Reserve.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil prices range-bound amid tighter supply, slow demand fearsOil prices were roughly unchanged on Monday as concerns about global macroeconomic headwinds and possible further interest rate hikes from the U.S. Federal Reserve offset forecasts of tighter supplies amid OPEC+ cuts.
Read more »
Oil prices slip on global economic slowdown fearsOil prices slipped in early Asian trade on Monday as global macroeconomic headwinds and possible further interest rate hikes from the U.S. Federal Reserves offset forecasts of tighter supplies amid OPEC+ cuts.
Read more »
Attack by 'aggressive' coyote at NJ nature reserve injures 13-year-old girl, prompts closuresOfficials have closed a dog park and other areas in a North Jersey nature reserve following an attack by what they called an “aggressive” coyote that bit a 13-year-old girl and a dog.
Read more »
Chicago Sky's Kahleah Copper named an All-Star reserveChicago Sky guard Kahleah Copper was named Saturday to a group of 12 reserves for the July 15 WNBA All-Star Game in Las Vegas.
Read more »
A's Rooker selected as AL reserve in 2023 All-Star GameAthletics outfielder Brent Rooker is an All-Star for the first time.
Read more »
It’s a brand-new, late summer schedule for Monday Night Foodball - Chicago ReaderIf you haven’t binged the second season of The Bear yet, skip ahead to the fifth paragraph for news of the new late summer schedule for Monday Night Foodball, the Reader’s weekly chef pop-up at Ludlow Liquors. If you have seen it, you know it’s full of a lot of the same white-knuckled, barely controlled […]
Read more »