Oil prices fell on Monday as jitters over the prospect of the U.S. Federal Reserve raising interest rates, which could slow growth and hit fuel demand, and worries about weaker Chinese manufacturing data combined to erase earlier gains.
Brent futures for July delivery were down 61 cents, or 0.8%, at $79.72 a barrel at 0313 GMT, while U.S. West Texas Intermediate crude lost 63 cents, also a 0.8% drop, to trade at $76.15.as an increase in outlays on services was offset by a decline in goods, but persistent strength in underlying inflation pressures could see the Federal Reserve raising interest rates again.
The Fed is expected to increase interest rates by another 25 basis points this week. The U.S. central bank has raised its policy rate by 475 basis points since March of last year from the near-zero level to the current 4.75%-5.00% range.. An acceleration in consumer spending was offset by businesses liquidating inventories in anticipation of weaker demand later this year amid higher borrowing costs.to 49.2 from 51.
On Friday, oil prices mostly rose over 2% after energy firms posted positive earnings, and U.S. data showed crude output was declining while fuel demand was growing.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
China manufacturing unexpectedly cools in April - official PMIChina's manufacturing activity unexpectedly shrank in April, official data showed on Sunday, raising pressure on policymakers seeking to boost an economy struggling for a post-COVID lift-off amid subdued global demand and persistent property weakness.
Consulte Mais informação »
China’s Oil Strategy Mixes Diplomacy and a Domestic Drilling PushChina is stepping up domestic drilling for oil and seeking alternatives in the global market, including striking deals with countries that are subject to Western sanctions
Consulte Mais informação »
Oil prices slide on Fed rate hike expectations, weaker China factory activity dataOil prices fell as jitters over the prospect of the Fed raising interest rates combined with weaker Chinese manufacturing data to erase earlier gains.
Consulte Mais informação »
USD/CAD Price Analysis: Finds an intermediate cushion below 1.3550, US/Canada PMI in focusThe USD/CAD pair has gauged an intermediate cushion below 1.3550 after a vertical sell-off from the weekly high of 1.3668. The Loonie asset is buildin
Consulte Mais informação »
NZD/USD faces tough hurdles above 0.6180 ahead of US ISM PMI and Fed policyThe NZD/USD pair has failed to sustain above the crucial resistance of 0.6180 in the early Asian session. The Kiwi asset has sensed selling interest a
Consulte Mais informação »
Warnings about street sweeping to end Monday for Philadelphia driversThe parking is restricted so that the equipment can get down the streets since the brooms are not able to maneuver between vehicles.
Consulte Mais informação »