Posted 2/23/2024, 4:37:03 PM
Oil Prices Decline on Economic Growth Concerns While Fed Debates Rate Cut Timing
- Oil prices drop as Fed officials debate timing of future interest rate cuts, pushing back on expectations of cuts happening soon
- Drop in oil prices tied to concerns about lower economic growth and oil demand
- Analyst says oil demand could surprise to the upside this year as it did in 2022
- U.S. oil output growth may disappoint in 2023 compared to last year
- OPEC+ may be reluctant to scale back production cuts unless Brent crude prices push towards $90/barrel