Oil prices ease on stronger greenback, fears of higher output

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.

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Category: EconomyBusiness

Markets: MalaysiaChinaUnited States

Topics: /Business/Business News Energy WTI Brent OPEC

Source Website Secure: Yes (HTTPS)

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Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-14 @ 15:48:00 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

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