Oil prices ease on stronger greenback, fears of higher output

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The story "Oil prices ease on stronger greenback, fears of higher output" was covered 1 weeks ago by The Star, a news publisher based in Malaysia.

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The Star 1w ago

Oil prices ease on stronger greenback, fears of higher output - The Star

Quick Summary:

OIL prices slipped in early trade on Thursday, reversing most of the previous session's gains on a stronger dollar and worries of higher global output amid slow demand growth forecasts.

The agency also raised its global oil output forecast for 2024 to 102.6 million bpd, from a prior forecast of 102.5 million bpd.

"(This) increases the odds of a shallow Fed interest rate cut cycle heading into 2025 (and) overall, there is less liquidity to stoke an increase in demand for oil," he added.