2024-02-19T04:24:36+00:00
A-
A
A+
/ Oil prices fell in early trading on Monday, as markets digested comments from Federal Reserve officials that indicated caution before a possible interest rate cut, while trading was weak on a public holiday in the United States.
By 01:38 GMT, Brent crude futures were down 58 cents, or 0.69 percent, at $82.89 a barrel. West Texas Intermediate (WTI) crude futures were down 35 cents, or 0.44 percent, at $78.84 a barrel.
Markets are still awaiting the direction of demand from China after the country returned from the week-long Lunar New Year holiday, while trading remained weak due to the Presidents’ Day holiday in the United States.
After a week of disappointing U.S. economic data, which pointed to rising prices and falling retail sales and factory output, Federal Reserve policymakers hinted at “patience” in cutting interest rates.
Higher interest rates would keep the cost of buying oil high, setting the stage for a bearish market.
It is not yet clear whether the death of Alexei Navalny, Russian President Vladimir Putin’s most prominent critic, in an Arctic penal colony on Friday will lead to new sanctions on Moscow, the world’s second-largest oil exporter.