Saudi Press

Saudi Arabia and the world
Wednesday, Jun 19, 2024

Oil Market Gains Respite Amid US Interest Rate Hike Worries

Oil Market Gains Respite Amid US Interest Rate Hike Worries

Oil Market Gains Respite Amid US Interest Rate Hike Worries.
RIYADH: Oil prices showed signs of stabilizing on Thursday, with a potential pause in US interest rate hikes and the passing of a crucial vote on the US debt ceiling bill offsetting a report of rising inventories in the world's biggest oil consumer.

US Federal Reserve officials suggested that interest rates could be kept on hold this month, and the US House of Representatives passed a bill suspending the government's debt ceiling, improving the chance of averting a disastrous default.

CMC Markets analyst Tina Teng said, "Oil markets may have been oversold in the last two trading days.

Sentiment rebounded amid the debt bill's passage in the House and the Fed's rate hike pause signal." However, mixed demand indications from China, the world's biggest oil importer, and industry data showing a rise in US crude inventories have weighed on the market.

Market sources citing American Petroleum Institute figures on Wednesday said that US crude inventories rose by about 5.2 million barrels last week.

The current mood is one of pessimism, Tamas Varga of oil broker PVM said.

Investors have been pragmatic and risk averse of late." In focus is the June 4 meeting of the OPEC+ producer group, in which the Organization of the Petroleum Exporting Countries and allies including Russia will discuss whether or not to cut oil production further.

British multinational bank Barclays has slashed the average price of its Brent crude forecast for this year from $92 to $87 a barrel.

The bank also slashed its price forecast of Brent for 2024 as it cut the average projected price to $87 a barrel from $97.

China's CNOOC Ltd.

has begun production at the Buzios5 well off the coast of Brazil, the company said in a statement on Thursday.

The well is the fifth phase of the Buzios oil field off Brazil's southeast coast.

At an average water depth of 1,900 meters to
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Iran Sentences Nobel Laureate Narges Mohammadi to 1-Year Prison Term for Propaganda
Good day, everyone! We've got a lively mix of stories today, from financial recoveries and international sanctions to...
Giorgia Meloni Comments on Israel's Conflict and EU's Stand on Ukraine Loan
Israel Plans Tactical Pause For Aid Deliveries in South Gaza
Giorgia Meloni Comments on Israel's Conflict and EU's Stand on Ukraine Loan
Over 1.5 Million Pilgrims Arrive in Mina for Hajj
Japan Considers Sanctions on UAE-Based Entities for Aiding Russia
Global Headlines: Pope’s Plea on AI, Tensions in Ukraine, and Japan’s Sanction Strategy
Houthi Missile Attack Severely Injures Sailor on Cargo Ship
Iran Expands Nuclear Capabilities: IAEA Report
Saudi Hospitality Sector to Grow by 7.5% Annually Until 2028
Ceer and Hyundai Transys Sign $2 Billion Deal for EV Drive Systems
Israel Rescues Four Hostages from Gaza
Turkish Student Arrested for Using AI to Cheat in University Exam
Saudi Arabia Dominates Global Construction with $1.5 Trillion Pipeline
Fortis Expands Fintech Solutions to Saudi Arabia's SME Sector
Saudi Arabia's Industry 4.0 Initiative and Vision 2030
Saudi Arabia's Booming Automotive Market
"Saudi Stock Market Recap: Tadawul Dips While Nomu Surges"
"Saudi Arabia's Economic Growth Soars: Gross Fixed Capital Formation Surges by 7.9%"
"Saudi Arabia Tops Global Mining Investment Rankings: A New Era of Mineral Prosperity"
"Saudi Arabia's Record-Breaking Year in Travel & Tourism: A Global Tourism Hotspot in the Making"
Saudi Foreign Minister Attends BRICS Ministerial Meeting in Russia
"Saudi Arabia's New Workplace Safety Measures: A Summer of Shade for Private Sector Workers"
"King Salman Welcomes Over 2,300 Pilgrims for Hajj, Including 1,000 Palestinians"
"A Miraculous Birth at the Heart of the Hajj: A Nigerian Pilgrim Gives Birth in Makkah"
"Camel Culture: A Comparative Study Across Three Countries"
"Oil Prices on the Rise: Goldman Sachs Predicts a Third-Quarter Surge"
"Saudi Arabia's Finance Sector Thrives: A 13% Asset Surge in 2023"
Egypt's Inflation Rate Drops Surprisingly in May
"Saudi Aramco Remains Top Company in Forbes Middle East's Top 100 List for 2024"
"Saudi Arabia's Maritime Sector Soars: A 8.09% Increase in Cargo Handling"
"Qatar's Export Growth Soars in Q1 2024: A 6% Increase in Private Sector Exports"
"Saudi Arabia Achieves Tourism Milestones: A Giant Leap Towards Global Leadership"
"Saudi Arabia's Mining Sector Soars: A New Industrial Pillar"
"Saudi Arabia's Industrial Growth: A Boost in Manufacturing and Mining Sectors"
"Indonesia Launches TB Vaccine Trials to Combat Soaring Cases and Boost Economic Growth"
Tragic Attack in Indian-Controlled Kashmir: Nine Killed, Thirty-Three Injured
"India's Record-Breaking Heatwave: A Warning from the Weather Experts"
"Urgent Update: Devastating Floods and Landslides in Northern Vietnam"
"IOC President Assures Unwavering Support for Paris 2024 Amidst French Political Upheaval"
"Breaking News: Paris Chanel Store Ram-Raid and Fire"
"Ukraine's Reconstruction Chief Resigns: A Decade of Service and Frustration"
Tragic Attack in Yargoje, Nigeria: Over 50 Lives Lost and Many Kidnapped
"Violent Clash in Central Somalia: 55 Dead and 155 Injured"
Urgent Appeal for Peaceful Dialogue: Australia's Prime Minister Addresses Israel-Palestine Tensions
"Revival in Mosul's Old City: A Journey from Daesh's Stronghold to Cultural Renaissance"
"U.S. Secretary of State Blinken Pursues Ceasefire in Gaza"
"UAE Cracks Down on Unwanted Cold Calls: New Regulations Announced"
Turkish Foreign Minister Hakan Fidan Meets Hamas Leader Ismail Haniyeh at GCC High-Level Strategic Dialogue in Doha
×