2024-02-14 13:08:33
Oil prices fell in Asian trade today after data released yesterday showed that inflation in the United States remained stubbornly high, which in turn dampened investors’ hopes that the Federal Reserve will start cutting interest rates as early as spring, Reuters reported. quoted by BTA.
North Sea Brent futures, the benchmark for the European market, fell 29 cents, or 0.4 percent, to $82.48 a barrel.
U.S. light crude was down 22 cents, or 0.3 percent, at $77.65 a barrel.
The data of the American Petroleum Institute also contributed to the decrease in prices, that last week US stocks increased by 8.52 million barrels. The increase was well above the 2.6 million barrels expected by economists polled by Reuters.
“The build-up of crude oil stocks is too ‘bearish’, but offset somewhat by the severe decline in production,” analysts at ING (ING) said.
Official data from the US Energy Information Administration will be released this afternoon.