Saturday 21 Dec
Oil prices climbed on Wednesday, buoyed by a decline in U.S. crude stockpiles and investor anticipation of a potential Federal Reserve interest rate cut. This occurred while markets closely scrutinized the Fed's outlook for 2025.
Brent crude futures surged over a dollar, reaching a session high. They gained 86 cents (1.18%) to $74.02 per barrel by 11:57 a.m. ET. U.S. West Texas Intermediate (WTI) crude also increased, rising $1.06 (1.51%) to $71.14.
The Energy Information Administration
(EIA) reported a decrease in U.S. crude and distillate inventories for the week
ending December 13th. However, gasoline stockpiles rose during this period.
The Federal Reserve is widely expected to lower interest rates by 25 basis points. Simultaneously, they are likely to signal a cautious approach to further monetary policy easing in the coming year.
