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Home Energy

Oil Prices Extend Gains on Signs of Stronger U.S. Demand and Expected Interest Rate Cut

Business 360 by Business 360
May 16, 2024
in Energy, Oil
0
Oil slips as surge in virus cases cloud demand recovery, Dollar edges lower as Stocks climb with futures

Oil prices continued their upward trajectory on Thursday, building on gains from the previous session, as signs of stronger demand in the United States boosted market sentiment. Data showing slower-than-expected inflation in the U.S. further supported the argument for an interest rate cut, which could potentially drive higher consumption of oil.

Brent crude futures rose by 35 cents, or 0.4%, to reach $83.10 a barrel at 0310 GMT, while U.S. West Texas Intermediate crude (WTI) gained 40 cents, or 0.5%, reaching $79.03.

Market strategist Yeap Jun Rong from IG highlighted the impact of U.S. economic indicators on market expectations, stating, “A more tamed read for U.S. April inflation and a far weaker-than-expected read in U.S. retail sales seem to offer room for the Fed to consider earlier rate cuts, with market expectations leaning more firmly for policy easing to kickstart in September this year.”

Rong also pointed out that the larger-than-expected drawdown in U.S. crude inventories for the previous week contributed to market stability, amid ongoing geopolitical tensions in the Middle East.

The U.S. Federal Reserve’s focus on managing inflation was underscored by data indicating that consumer prices rose less than anticipated in April. This development buoyed financial market expectations for a rate cut by the Fed in September, potentially tempering the strength of the dollar and making oil more affordable for holders of other currencies.

Additionally, data from the Energy Information Administration (EIA) revealed declines in U.S. crude oil, gasoline, and distillate inventories. This decline reflected increased refining activity and higher fuel demand, further bolstering market sentiment regarding the potential for increased oil consumption.

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