|
|
Oil fell for the third straight session on interest rates concerns, higher US crude stocksInvestors assess the latest comments from the FED, which signal slower rate cuts than initially anticipated due to the lingering high inflation. |
|
International benchmarks for crude oils settled at about 1% lower on Tuesday, 21 May 2024 marking the third straight falling session. Investors assess the latest comments from the FED, which signal slower rate cuts than initially anticipated due to the lingering high inflation.
Meanwhile, a report from the American Petroleum Institute showed the US crude oil inventory rose 2.5 million barrels last week. Industry insiders are waiting for official data from the Energy Information Administration (EIS). If the figure is confirmed, this would be the first gain this month.
Brent fell 83 cents or 1% to close at $82.88/barrel.
WTI for June delivery expired on Tuesday, and settled down by 54 cents or 0.7%, at $79.26/barrel.
