Oil rebounded from four-months lows on revived interest rate cuts hope
International benchmarks for crude oil rose about 1% on Wednesday, 05 June 2024, effectively halting the five-day losing streak that sent the market to the lowest levels in four months.
International benchmarks for crude oil rose about 1% on Wednesday, 05 June 2024, effectively halting the five-day losing streak that sent the market to the lowest levels in four months. Oil futures regained footing on optimism that the FED will cut interest rates in September and again this year.
The bullish expectation outweighed EIA data that showed another increase in US gasoline stocks, flashing at demand softness.
Brent increased by 89 cents or 1.2% to close at $78.41/barrel.
WTI added 82 cents or 1.1% to close at $74.07/barrel.