🧵 1. Oil prices rise as US inflation data eases fears of Fed rate hikes. Brent breaches $80/barrel, hoping for fewer rate increases. #business
🧵 1. Oil prices rise as US inflation data eases fears of Fed rate hikes. Brent breaches $80/barrel, hoping for fewer rate increases. #business
🧵 2. Modest consumer price rise in June calms markets, smallest annual increase in over two years. Oil traders hopeful for just one more rate hike.
🧵 3. Weaker dollar and Chinese stimulus optimism also support oil prices. Market expected to tighten into 2024, says IEA.
🧵 4. Saudi Arabia extends production cut while Russia reduces exports. Larger-than-expected US crude stock build pressures prices.
🧵 Read more at: https://www.investing.com/news/commodities-news/oil-flat-after-biggerthanexpected-build-in-us-crude-stockpiles-3123778