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Oil settled lower as high inflation data pinched confidenceInternational benchmarks for crude oil settled lower on Tuesday, 14 May 2024 following data that showed the US producer prices increased more than expected in April |
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International benchmarks for crude oil settled lower on Tuesday, 14 May 2024 following data that showed the US producer prices increased more than expected in April, fueling fear that the FED might postpone any potential interest rate cuts. Investors held their breath while waiting for US consumer price data on Wednesday.
Concerns over the borrowing costs outweighed the bullish forecast from OPEC’s monthly report that predicted the global oil demand will rise by 2.24 million bpd in 2024 and 1.85 million bpd in 2025.
Brent slipped 98 cents or 1.18% to close at $82.38/barrel.
WTI dived $1.10 or 1.39% to close at $78.02.
