FMP
Oil Prices Rebound on Stockpile Draw and Interest Rate Cut Hopes
Jul 10, 2024 7:01 AM - Parth Sanghvi
Image credit: Kadarius Seegars
Oil Prices Rebound on Stockpile Draw and Interest Rate Cut Hopes
The price of oil rebounded after a three-day decline, buoyed by a decline in U.S. crude oil and fuel stockpiles and comments by Jerome Powell, the U.S. Federal Reserve Chair, suggesting a possibility of interest rate cuts.
The decline in stockpiles suggests steady demand for oil, as stockpiles typically rise during this time of year. Lower interest rates are expected to lead to more economic growth and therefore more oil consumption.
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