Oil prices are under pressure from high interest rates and crude inventories, although rising gasoline demand and the OPEC meeting could change that.
A combination of crude inventory builds and high interest rates continued to weigh on oil prices this week, with Brent and WTI both trading near three-month lows.Friday, May 24th 2024Oil prices have been declining for four consecutive days, driven lower by the Federal Reserve’s reluctance to commit to interest rate cuts this year as well as weak physical sentiment in the markets that saw backwardation in both WTI and ICE Brent drop to the lowest level seen this year.
2 billion, the London-based firm nevertheless agreed to a one-week extension so that the Australian giant can make a binding takeover offer, bringing this year’s largest M&A bid to its endgame. EPC Bankruptcy to Slow Down Texas LNG Buildout. Zachry Holdings, the main contractor for the Golden Pass LNG project jointly developed by QatarEnergy and ExxonMobil NYSEXOM, has filed for bankruptcy protection citing cost overruns, potentially delaying the export terminal’s planned H1 2025 launch.
Oil Prices Inventories Demand Supply OPEC+ WTI Brent
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