2023-12-26 12:00:00
Oil prices witnessed little change today with investors focusing on geopolitical tensions in the Middle East and optimism that the Federal Reserve (the US central bank) will soon begin lowering interest rates, which will contribute to higher global economic growth and boost demand.
Brent crude futures fell by 26 cents, or 0.3%, to $79.13 per barrel, while the price of US West Texas Intermediate crude reached $73.59 per barrel, up by three cents. Both crudes achieved gains of regarding 3% last week, according to the Omani News Agency.
Oil prices received support from expectations that the US Federal Reserve will cut interest rates next year following US data released last Friday showed, by some key measures, that inflation is now at or below the central bank’s target of two percent.
Lower interest rates reduce consumer borrowing costs, which can boost economic growth and demand for oil.
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