Oil prices dipped on Tuesday, settling slightly lower after a higher-than-expected forecast for US crude oil production and bearish economic data, but persistent geopolitical tensions limited declines.
Persistent price rises by US service sector businesses have underscored the stickiness of inflation and pushed back expectations for interest rate reductions in 2024, jeopardising hopes for a successful soft landing.
Interest-rate cuts are still in the offing in the United States, but you might not think so with the way bonds are selling off after Tuesday’s inflation report.
Stocks dipped to close an up-and-down Wednesday on Wall Street following the latest update on inflation and the latest warning of a possible recession. .