Markets await U.S. consumer price inflation figures for April, due on Wednesday pending any indication of the next interest rate decision.
The Federal Reserve raised interest rates last week by 25 basis points to a range of 5% and 5.25%, the highest level since 2008, in what could be the last hike in the cycle of monetary tightening. , as the US central bank dropped in its statement. an existing sentence stating that “The Committee expects further policy tightening to be appropriate to achieve the 2% inflation target.
Monday’s report showed that US consumers said last month they expected inflation to ease slightly within a year.
“The oil market has been oversold and will likely continue to hold as long as Wall Street remains confident that the Fed will cut interest rates later this year,” Edward Moya, chief market analyst at Onda, said in a note. .
price movements
Brent crude fell 31 cents, or 0.4%, to $76.70, and West Texas Intermediate crude fell 23 cents, or 0.3%, to $72.92 at 0005 GMT.
Although oil markets fell sharply last week, prices rose on Friday and Monday as fears of a recession eased in the United States, the world’s largest consumer of oil, and some traders saw that crude oil declined to its lowest level in three weeks due to demand. the fears were exaggerated.
This month, a series of voluntary cuts announced by some members of the OPEC+ alliance, which will hold its next meeting on June 4, will begin.
Read the Latest World News Today on The Eastern Herald.
