A slight decline in oil prices upon settlement

Baghdad, Oil prices closed slightly lower at settlement, yesterday, Monday, after statements by officials at the US Federal Reserve (the central bank) regarding waiting for more evidence of a decline in inflation before the US Federal Reserve begins to reduce interest rates.

Brent crude futures fell 27 cents, or 0.3 %, to record $83.71 per barrel upon settlement.

US West Texas Intermediate crude futures fell 26 cents, or 0.3 %, to $79.80 per barrel.

Michael Barr, Vice Chairman of the US Central Bank for Supervision Affairs, said in a statement on Monday: ‘The US inflation data during the first months of 2024 were disappointing, which does not provide the central bank with the evidence it needs to ease monetary policy.’

In turn, Raphael Bostic, head of the US Central Bank branch in Atlanta, stated that it will take some time for the bank to become confident that inflation is on its way to its two percent target.

Lower interest rates would reduce borrowing costs for consumers and businesses, which could bo
ost economic growth and demand for crude.’

Source: National Iraqi News Agency

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