Oil prices fall for third day after U.S. inventory build, hotter than expected inflation report
Publishing timestamp: 2024-04-10 13:12:48
Summary
Crude oil futures fell for the third day due to a large U.S. crude inventory build and hotter than expected inflation report, offsetting gains from geopolitical tensions. Market originally expected Federal Reserve to cut rates, but now first cut is expected in September. Oil prices rose earlier due to tensions in Middle East. Oil prices have fallen more than 1% this week as investors booked profits after last week's rally. U.S. crude and global benchmark have gained nearly 20% and 17%, respectively, this year.
Sentiment: MIXED
Keywords: markets, oil and gas, ice brent crude (apr'23), wti crude (mar'23), breaking news: markets, business news, investment strategy,
Source: https://www.cnbc.com/2024/04/10/crude-oil-prices-today.html