While oil prices had been trending lower this week on demand concerns, signals from the Fed that it may soon cut interest rates have helped push both Brent and WTI higher.
Crude oil prices have been stuck between bearish and bullish news this week, booking a modest decline over the four days to Thursday. This could yet change later today, resulting in another week of gains for benchmarks. On the other hand, the bearish sentiment may prevail. On that side, the focus has been on Chinese demand, which CNPC said this week is about to enter a period of depression.
In comments made on Thursday, Fed’s Chair, Jerome Powell, said that the central bank was “not far” from becoming confident in the economy enough to start cutting rates, Reuters reported. 'We are waiting to become more confident that inflation is moving sustainably down to 2%. When we do get that confidence, and we’re not far from it, it will be appropriate to begin to dial back the level of restriction so that we don’t drive the economy into recession,” Powell said.
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