Oil futures prices settled slightly lower on Friday (Jun 14) after a survey showed deteriorating US consumer sentiment, but prices rose 4 per cent for the week as investors weighed forecasts for solid demand for crude oil and fuel in 2024.
Oil Demand: Oil prices rose on concerns of high interest rates impacting fuel demand. Federal Reserve s interest rate policy, US crude oil inventories, and statements from Fed Chair Jerome Powell influenced market sentiment. Analysts anticipate market shifts as OPEC+ considers extending production cuts and reports emerge of oil overproduction by Russia.
Oil prices rose on concerns of high interest rates impacting fuel demand. Federal Reserve s interest rate policy, US crude oil inventories, and statements from Fed Chair Jerome Powell influenced market sentiment. Analysts anticipate market shifts as OPEC+ considers extending production cuts and reports emerge of oil overproduction by Russia.
London: BHP’s battle to buy rival miner Anglo American has shone a spotlight on copper, the industrial metal in strong demand owing to its key role in greener technology.