๐ Oil prices experienced a decline of 2.37%, reaching $71.96 per barrel due to a stronger U.S. dollar and concerns about demand after weak data from China.
#oott
Today's Market News:
๐Oil prices drop on demand concerns in US and China, overshadowing OPEC+ cuts.๐G7 plans to tighten Russia sanctions at the summit. ๐น๐ท Turkey's election heads for a run-off. ๐บ๐ฆ Zelenskiy seeks military aid in surprise UK talks. #OOTT
๐ Brent crude futures were down 1.1%, as the U.S. dollar strengthened and as investors mulled over a possible May interest rate hike by the U.S. Federal Reserve, which could dampen economic recovery hopes.
๐MARKET IMPACT: 'The Biden administration plans to refill the U.S. Strategic Petroleum Reserve soon, and hopes to refill it at lower oil prices if it's advantageous to taxpayers during the rest of the year'
https://t.co/Xm5cRJ5azm
MARKET IMPACT: ๐Oil prices steadied despite weak Chinese demand, as a softer dollar and hopes of eased policy tightening by the Federal Reserve provided support ahead of a key U.S. inflation report.
- https://t.co/bWxPp1iqud #OOTT
As we wrap up the week, it's time to take a moment to reflect on the news stories that have made headlines. Here's a weekly round-up of the 5 things you need to know! Happy Friday! ๐
โ ๏ธMARKET IMPACT: Kurdistanโs oil exports could be suspended for several more days as officials from Kurdistan are set to return to Baghdad next week for a new round of talks.
https://t.co/g4BOPoK40d