Oil prices fell in early Asian trading on Monday, as fears of a global economic slowdown and the possibility of the Federal Reserve raising interest rates were met with expectations of a reduction in supplies in light of the cuts announced by the OPEC + group.<\/p>\n\n\n\n
Brent crude futures fell 20 cents, or 0.3%, to $75.21 a barrel by 0044 GMT, after settling 0.8% higher on Friday. US West Texas Intermediate crude fell 23 cents, or 0.3%, to $70.41, after closing up 1.1% in the previous session.<\/p>\n\n\n\n
Brent fell for the fourth consecutive quarter at the end of June, while WTI crude recorded a second quarterly decline as the world’s two largest economies, the United States and China, slowed in the second quarter.<\/p>\n\n\n\n
Fears of a further slowdown hurting fuel demand grew after data on Friday showed that inflation in the United States was still above the central bank’s 2 percent target and raised expectations that it would raise interest rates again.<\/p>\n\n\n\n
Higher interest rates would strengthen the US currency, making commodities more expensive for holders of other currencies and also reduce demand for oil.<\/p>\n\n\n\n
Some analysts expect reduced supplies and higher prices in the second half of the year after Saudi Arabia, the world’s largest oil exporter, pledged to cut output by about 1 million barrels per day more in July while the United States gradually replenishes its strategic oil reserves.<\/p>\n\n\n\n
A Reuters survey showed that OPEC’s oil production declined only slightly in June, as production increases in Iraq and Nigeria limited the impact of cuts from other producers.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices fell in early Asian trading on Monday, as fears of a global economic slowdown and the possibility of the Federal Reserve raising interest rates were met with expectations of a reduction in supplies in light of the cuts announced by the OPEC + group. Brent crude futures fell 20 cents, or 0.3%, to …<\/p>\n","protected":false},"author":9,"featured_media":53340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[194,7070,6846,6909],"class_list":["post-86033","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-gdp","tag-jobless-claims","tag-oil","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86033","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=86033"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86033\/revisions"}],"predecessor-version":[{"id":86034,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86033\/revisions\/86034"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53340"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=86033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=86033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=86033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}