• Sat, Feb 28, 2026|
  • JKT --:--
  • TKY --:--
  • HK --:--
  • NY --:--

Indonesia News Portal for Traders | Financial & Business Updates

20 September 2024 16:01  |

Oil prices set to end week higher after US rate cut

Oil prices, which eased slightly on Friday, were on track to end higher for a second straight week following a large cut in U.S. interest rates and declining global stockpiles.

Brent futures, which were trading 12 cents, or 0.2%, lower at $73.76 a barrel at 0658 GMT on Friday, gained 4.3% this week. U.S. WTI crude futures, which were down 15 cents, or 0.2% at $71.80 a barrel, registered weekly gains of 4.8%.

The benchmarks have been recovering after they fell to near three year-lows on Sept. 10, and have registered gains in five of the seven sessions since then.

Prices pared some gains on Friday, after rising more than 1% on Thursday following the U.S. central bank's decision to cut interest rates by half a percentage point on Wednesday. Interest rate cuts typically boost economic activity and energy demand, but some also see it as a sign of a weak U.S. labour market.

Source: Reuters

Related News

OIL

WTI Crude Oil Rises Off an 18-Month Low as Tropical Storm F...

West Texas Intermediate (WTI) crude oil closed higher on Monday, climbing off an 18-month low on dip buying and the formation...

10 September 2024 02:06
OIL

Crude Extends Losses on Prospects of Higher Supply

Oil prices add to the previous day's heavy losses as the market shrugs off delegate comments that OPEC+ is considering a dela...

5 September 2024 02:18
OIL

Oil Climbs Ahead of Fed Decision But Demand Concerns Persist

Oil edged higher as a widely expected interest-rate cut by the Federal Reserve this week offset concerns about the deman...

17 September 2024 12:06
OIL

Oil Dips as Weak Chinese Demand Counters Storm Francine

Oil prices gave up the previous day's gains on Tuesday as weak Chinese demand offset U.S. supply disruptions from Tropical St...

10 September 2024 17:22
BIAS23.com NM23 Ai