Oil rises more than $1 as Powell indicates interest rate cuts likely this year
Publishing timestamp: 2024-03-06 11:36:03
Summary
Crude oil futures rose on Wednesday following indications from Federal Reserve Chair Jerome Powell that interest rates may come down this year. Lower interest rates typically stimulate the economy, leading to more demand for crude. Various oil companies are in the spotlight for different reasons, including takeover potential and operational updates. Oil prices have been increasing due to production cuts by OPEC+ and ongoing geopolitical tensions in the Middle East.
Sentiment: MIXED
Keywords: ice brent crude (apr'23), markets, business news, wti crude (mar'23), jerome powell, breaking news: markets, oil and gas, investment strategy,
Source: https://www.cnbc.com/2024/03/06/crude-oil-prices-today.html