Oil prices fall after US Fed official's statement on interest rates

© Reuters. An oil pump in operation in the US state of Texas in a photo from the Reuters archive.

SINGAPORE (Reuters) – Stocks fell on Friday after a Federal Reserve official said interest rate cuts should be delayed for at least two months.

By 0212 GMT, crude futures were down 25 cents, or 0.3 percent, at 83.42 a barrel. U.S. West Texas Intermediate crude futures were also down 25 cents, or 0.3 percent, at $78.36.

Christopher Waller, a member of the U.S. Federal Reserve Board of Governors, said on Thursday that central bank policymakers should delay interest rate cuts for at least two months to see if recent inflation prevents progress toward price stability. Bomb on the road..

It should be noted that keeping interest rates high for a long period of time leads to a slowdown in economic growth, which limits the demand for oil.

The US Federal Reserve has kept interest rates in a range of 5.25-5.5 percent since last July, and minutes of its policy meeting last month showed most of its officials were concerned about easing monetary policy.

Oil indices pared some of Thursday's gains yesterday after Waller's comments.

Oil futures rose on Thursday amid continued hostilities in the Red Sea, as the Iran-aligned Houthis stepped up their attacks near Yemen as part of their support for the Palestinians in the Gaza war.

Israeli Prime Minister Benjamin Netanyahu's government has agreed to send negotiators to Paris to participate in negotiations to reach a peace deal in Gaza, according to an informed source and Israeli media.

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(Prepared by Marwa Gharib for Arabic Bulletin)

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