August 14, 2024 (Investorideas.com Newswire) Crude prices benefited from a large, unexpected drop in U.S. oil stockpiles and softer inflation data. Softer producer price index data heightened expectations for a September 50-basis point Fed rate cut. Meanwhile, U.S. oil inventories fell by 5.2 million barrels, well beyond the anticipated two million. However, the market could remain under pressure as demand forecasts are revised down.
Looking ahead, today’s U.S. inflation data might add volatility to oil prices. Inflation is expected to remain steady for July. Lower-than-expected inflation could support oil prices as a softer monetary policy could support demand. Tomorrow’s U.S. retail sales report for July could also impact crude pricing. A rebound in retail sales might further support the oil market.
Crude prices also find support on the back of ongoing geopolitical tensions in the Middle East while the situation remains volatile.
More Info:
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/
Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
