U.S. crude oil bounces after hitting 7-week low on surging U.S. inventories
Publishing timestamp: 2024-05-02 11:29:48
Summary
U.S. crude oil prices are hovering above $79 per barrel after a sell-off due to surging inventories. Analysts believe OPEC+ will not roll back production cuts at the next meeting. Oil prices tumbled after a surge in petroleum inventories and softening demand. Federal Reserve's decision to hold interest rates steady also impacted oil prices.
Sentiment: NEUTRAL
Tickers: @CL.1, @NG.1, %40RB.1?QSEARCHTERM=%40RB, @LCO.1,
Keywords: investment strategy, markets, wti crude (mar'23), oil and gas, ice brent crude (apr'23), natural gas (mar'23), business news, united states, breaking news: markets,
Source: https://www.cnbc.com/2024/05/02/crude-oil-prices-today.html