Oil Declines After A Sudden Rise In US Gasoline Stocks, 1 JUNE

 Oil Declines After A Sudden Rise In US Gasoline Stocks

Friday 31, May 2024 | Economical Number of readings: 241  Baghdad / NINA / Oil prices fell today, Friday, in the wake of a sudden rise in US gasoline inventories and amid indications that it is unlikely to start lowering interest rates.

Brent crude futures fell 12 cents, or 0.15 percent, to trade at $81.74 a barrel, and US West Texas Intermediate crude fell 17 cents, or 0.22 percent, to $77.74.

This decline in prices comes in light of statements by Lori Logan, President of the Federal Reserve Bank in Dallas, about the possibility of rising inflation despite the slowdown in the recent period, warning that the US Central Bank needs to be flexible and keep “all options on the table” while monitoring... “Data determines how to respond.”

Meanwhile, the US Energy Information Administration reported that gasoline inventories rose against expectations that demand will be higher before the weekend.

Inventories rose by two million barrels during the week, to 228.8 million barrels, compared to expectations of a decrease of 400 thousand barrels./End 2 https://ninanews.com/Website/News/Details?key=1129766