From FX Empire: 2024-06-13 10:07:00

The Federal Reserve kept interest rates steady, delaying potential policy easing until later in the year, citing decreased inflation without significant economic harm. Fed Chair Powell highlighted strong labor market conditions and gradual progress towards price stability, aiming for a slow decline in inflation towards the 2% target.

The Energy Information Administration reported a large increase in U.S. crude inventories, fueling concerns of excess supply and revising oil demand growth forecast downward. The International Energy Agency’s bearish report contrasts with OPEC’s bullish outlook, adding to market uncertainty and potentially oversupply in the near term.

Geopolitical tensions, including ceasefire negotiations in Gaza and recent attacks by Iran-allied militants in the Red Sea, are impacting market conditions. Traders are monitoring potential supply disruptions and geopolitical developments closely.

The crude oil market faces a bearish outlook due to delayed rate cuts by the Fed, rising U.S. crude stockpiles, and cautious demand forecasts. With geopolitical tensions adding to uncertainty, traders should stay alert for changes in economic indicators that could affect market conditions.



Read more at FX Empire: Crude Oil News Today: Fed’s Rate Decision, Rising US Stocks Pressure Prices