Oil prices move in a narrow range in both directions

29 February 2024, 18:58

Oil prices move in a narrow range in both directions

Oil prices today are moving in a narrow range in both directions. Data on January inflation in the United States have strengthened expectations that the US Federal Reserve (Fed) will cut interest rates in June.

At around 17:15 CET, the price of North Sea Brent crude was flat at around 83.68 dollars per barrel. US light crude WTI was up 0.2 percent at the same time, trading at 78.68 dollars per barrel.

Investors were focused on today's update to the personal consumption expenditures (PCE) index. The report showed that January inflation was in line with economists' expectations, confirming market expectations that the Fed will cut interest rates in June. PCE is the Fed's preferred measure of inflation.

Oil prices in dollars per barrel (about 159 litres):

EXCHANGE	TYPE	CONTRACT	CURRENT PRICE	PREVIOUS CLOSE
London – ICE	Brent	April	83,68	83,68
New York – NYMEX	WTI	April	78,68	78,54

Translation disclaimer

This article is a machine translation of the Czech original and has not yet been fully reviewed. In case of any doubt, please refer to the Czech version.

Sdílejte článek prostřednictvím:

Topics:Oilcena ropyRopa brentRopa WTItrh s ropouCommodity marketsCeny komodit