September 18, 2024 (Investorideas.com Newswire) Oil prices dropped on Wednesday, reversing gains from the previous two sessions, as weak global economic data raised concerns about lower demand. These concerns outweighed the impact of ongoing geopolitical tensions in the Middle East. The end of peak summer demand and a negative shift in traders' sentiment have contributed to the price drop, though potential conflicts in the Middle East still pose a risk of supply disruptions.
The market is also keeping an eye on the U.S. Federal Reserve's expected interest rate cuts, which could boost domestic fuel demand and weaken the dollar, potentially supporting oil prices. Lower rates might stimulate economic activity and oil consumption, which could help counteract the current downward pressure on prices.
At the same time, U.S. crude oil inventories increased by 1.96 million barrels for the week ending September 13, contrary to expectations of a small decrease. The rise in crude oil stocks could indicate a short-term oversupply, which might be bearish for oil prices.
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