Oil market eased as traders weighed FED’s interest rate decision; OPEC+ meeting
International benchmarks for crude oil ended the first trading session of the week, 20 May 2024 slightly lower as investors took a step back to assess the FED’s interest rate decision.
International benchmarks for crude oil ended the first trading session of the week, 20 May 2024 slightly lower as investors took a step back to assess the FED’s interest rate decision. Officials have indicated a plan to wait for more signs of declining inflation before cutting interest rates.
Meanwhile, OPEC+ members are scheduled to meet on 1 June 2024 to discuss the output policy. The market swung sharply as traders assessed the possible pricing direction.
Brent futures decreased by 27 cents, or 0.3% to settle at $83.71/barrel.
WTI fell by 26 cents or 0.3% to settle at $79.80/barrel.