Monday, September 8, 2025
  • Login
Forbes 40under40
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
Forbes 40under40
No Result
View All Result
Home Leadership

Oil settles lower as rate cut hopes moderate, Brent holds near US$90/barrel

by Riah Marton
in Leadership
Oil settles lower as rate cut hopes moderate, Brent holds near US/barrel
Share on FacebookShare on Twitter


OIL prices settled lower on Thursday as sticky inflation dampened hopes for near-term US interest rate cuts, but worries that Iran might attack Israeli interests kept crude near six-month highs.

Brent crude futures settled down 74 cents, or 0.8 per cent, to US$89.74 a barrel while US West Texas Intermediate crude futures settled down US$1.19, or 1.4 per cent, to US$85.02.

It will be difficult to maintain Brent above US$90 a barrel in the second half of the year without actual supply disruption associated with geopolitical events, said global energy strategist Vikas Dwivedi of Macquarie.

“As a result, we expect oil to turn bearish as the year progresses due to non-Opec supply growth, a material amount of Opec+ spare capacity re-entering the market, and the potential that continuing inflation softens demand.”

Minutes from the US Federal Reserve showed officials worried that progress on inflation might have stalled and a longer period of tight monetary policy would be needed.

Investors who had expected a rate cut in June now see September as a likelier timing, following a third straight consumer inflation reading that exceeded forecasts.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

In Europe, central bank officials kept borrowing costs at a record high as expected, but signalled the ECB may soon cut rates.

Slower rate cuts could crimp oil demand, yet Opec stuck to its forecast for relatively strong global demand growth in 2024.

The International Energy Agency will announce its expectations in its monthly report on Friday.

Oil prices were also pressured by a power outage on Wednesday that shut multiple fuel-producing units at Motiva Enterprise’s massive 626,600 barrel per day Port Arthur, Texas facility.

Motiva began restarting the petrol-producing fluidic catalytic cracker (FCC) on Thursday morning, said people familiar with plant operations.

Meanwhile, traders worried that Iran might retaliate for a suspected Israeli air strike on its embassy in Syria on April 1. US Secretary of State Antony Blinken has vowed that the US will stand with Israel against any threats by Iran.

This week, Israel and Hamas began a fresh round of negotiations in their more than six-month-old Gaza war but those talks have yielded no agreement. REUTERS

Tags: BrentCutholdsHopesmoderateOil pricesOilsettlesOpecRateUS90barrel
Riah Marton

Riah Marton

I'm Riah Marton, a dynamic journalist for Forbes40under40. I specialize in profiling emerging leaders and innovators, bringing their stories to life with compelling storytelling and keen analysis. I am dedicated to spotlighting tomorrow's influential figures.

Next Post
US coffee chain Bluestone Lane to offer beanless espresso as sustainable option

US coffee chain Bluestone Lane to offer beanless espresso as sustainable option

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Forbes 40under40 stands as a distinguished platform revered for its commitment to honoring and applauding the remarkable achievements of exceptional individuals who have yet to reach the age of 40. This esteemed initiative serves as a beacon of inspiration, spotlighting trailblazers across various industries and domains, showcasing their innovation, leadership, and impact on a global scale.

 
 
 
 

NEWS

  • Forbes Magazine
  • Technology
  • Innovation
  • Money
  • Leadership
  • Real Estate
  • Lifestyle
Instagram Facebook Youtube

© 2025 Forbes 40under40. All Rights Reserved.

  • About Us
  • Advertise
  • Contact Us
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle

© 2024 Forbes 40under40. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In