IEA trims 2024 demand growth view; Concerns prevail over slower US interest rate cuts
NEW YORK – Oil prices rose around 1 per cent on Friday on geopolitical tensions in the Middle East but posted a weekly loss on a bearish world oil demand growth forecast from the International Energy Agency and worries about slower US interest rate cuts.
"The market's main focus is on whether Iran will retaliate against Israel," said Andrew Lipow, president of Lipow Oil Associates, with the fear of supply disruption associated with the events in the Middle East supporting prices. Supply chain issues still carry the biggest risk premium as Iran maintains its threat to shut the Suez Canal, said Tim Snyder, economist at Matador Economics.
Friday's gains erased the previous session's losses, which were dominated by stubborn US inflation that dampened hopes for an interest rate cut as early as June.US energy firms this week cut the number of oil rigs operating for a fourth week in a row, energy services firm Baker Hughes said in its closely followed report.
US Interest Rate Cuts Middle East Brent WTI Oil Demand Growth Forecast International Energy Agency IEA US Inflation Interest Rate Inflation OPEC OPEC+
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