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Oil prices surged over 2% as FED signals interest rate cutsGlobal crude oil benchmarks surged over 2% on Friday, buoyed by signals from US Federal Reserve Chair Jerome Powell that the central bank is poised to cut interest rates. |
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Global crude oil benchmarks surged over 2% on Friday, buoyed by signals from US Federal Reserve Chair Jerome Powell that the central bank is poised to cut interest rates. Powell’s comments, made during a closely watched speech, suggested the FED is ready to ease its monetary policies in response to ongoing economic conditions.
Brent rose by $1.80, or 2.33%, to settle at $79.02/barrel.
WTI climbed $1.82, or 2.49%, closing at $74.83/barrel.
Additionally, a significant drawdown in US oil inventories lent additional support to prices. According to data from the US Energy Information Administration (EIA), commercial crude oil inventories decreased by 4.6 million barrels from the previous week, providing a further boost to market sentiment.
Written by: Rochelle Nguyen
