Prices weakened after US central bankers issued projections pointing to interest rate cuts in 2025
– Oil prices fell in Asian trade on Thursday after the U.S. Federal Reserve signalled it would slow the pace of interest rate cuts in 2025, which could hurt economic growth and reduce fuel demand.
The declines reversed most of the benchmark contracts' gains from Wednesday, when prices settled higher as US crude stocks fell and the US Federal Reserve cut interest rates by 25 basis points as expected. "After yesterday's FOMC meeting, the Fed has now portrayed a less dovish monetary policy guidance next year... implies lesser liquidity that may put a cap on demand for oil," said OANDA senior market analyst Kelvin Wong."The demand-supply balance going into 2025 continues to look unfavourable and predictions of more than 1.0 million bpd demand growth in 2025 look stretched in our opinion.
JP Morgan analysts said in a note that global oil demand growth for December so far was 700,000 barrels per day less than it had expected, and for the year-to-date, global demand had risen by 200,000 bpd less than it had forecast in November 2023.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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