Oil News: Crude Rebounds on Rate Cut Hopes but Bearish Demand Outlook Looms
==========
Oil prices edged higher on Thursday, partially recovering from Wednesday’s losses as traders bet on potential U.S. interest rate cuts to boost economic activity and fuel demand. However, the market remains under pressure due to persistent concerns about weaker global demand, particularly from China. Recent data has reinforced expectations of a rate cut by the Federal Reserve, which could stimulate the U.S. economy and increase demand for crude oil. The U.S. Energy Information Administration (EIA) reported an unexpected build in crude oil inventories, which also weighed on prices. The International Energy Agency (IEA) recently lowered its 2025 oil demand growth forecast, citing China’s sluggish economic performance. Despite this decline, China continued to add to its stockpiles, with an estimated 280,000 barrels per day (bpd) going into storage. The broader outlook for oil prices remains bearish, with significant upside potential only likely if geopolitical tensions in the Middle East escalate unexpectedly.
#OilPrices #RateCuts #GlobalDemand #China
https://www.fxempire.com/forecasts/article/oil-news-crude-rebounds-on-rate-cut-hopes-but-bearish-demand-outlook-looms-1453977
FX Empire /
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2024-08-15 10:21:04
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2024-08-15 10:21:04Event JSON
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"content": "Oil News: Crude Rebounds on Rate Cut Hopes but Bearish Demand Outlook Looms\n==========\n\nOil prices edged higher on Thursday, partially recovering from Wednesday’s losses as traders bet on potential U.S. interest rate cuts to boost economic activity and fuel demand. However, the market remains under pressure due to persistent concerns about weaker global demand, particularly from China. Recent data has reinforced expectations of a rate cut by the Federal Reserve, which could stimulate the U.S. economy and increase demand for crude oil. The U.S. Energy Information Administration (EIA) reported an unexpected build in crude oil inventories, which also weighed on prices. The International Energy Agency (IEA) recently lowered its 2025 oil demand growth forecast, citing China’s sluggish economic performance. Despite this decline, China continued to add to its stockpiles, with an estimated 280,000 barrels per day (bpd) going into storage. The broader outlook for oil prices remains bearish, with significant upside potential only likely if geopolitical tensions in the Middle East escalate unexpectedly.\n\n#OilPrices #RateCuts #GlobalDemand #China\n\nhttps://www.fxempire.com/forecasts/article/oil-news-crude-rebounds-on-rate-cut-hopes-but-bearish-demand-outlook-looms-1453977",
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