Oil Prices are increasing now and staying above 78 per barrel---China and the US policies will only keep that trend going
Petroni 7/24 [Giulia; a reporter at Dow Jones Newswires and The Wall Street Journal; 07/24/2024; “WTI Remains Below $80 a Barrel, Upside Seems Limited,” Wall Street Journal, https://www.wsj.com/finance/commodities-futures/oil-prices-rise-in-likely-technical-rebound-b99fe394] iman
Oil Inches Higher on Softer U.S. Dollar After Biden Drops Out
0742 GMT – Oil prices edge higher on a softer U.S. dollar as investors gauge the implications of President Joe Biden’s decision to drop out of the presidential race. Brent crude is up 0.4% at $83 a barrel, while WTI rises 0.3% to $78.90 a barrel. Both benchmarks are supported by prospects that the U.S. central bank will soon start cutting rates and China’s unexpected decision to cut key rates in efforts to boost growth. “Inflation and labour market data have signaled that disinflation and labour market rebalancing are in place, which we expect will allow the Fed to begin its interest rate cutting cycle in September,” ANZ Research says in a note to clients. Prices are also underpinned by wildfires in Canada, which are threatening about 400,000 barrels a day of oil production, according to analysts. ()