Oddbean

Oil prices fall as US rate cut fails to boost market sentiment ========== Oil prices fell in Asian trading on September 19, 2024, after the Federal Reserve cut interest rates by 0.5 percentage points, raising concerns about the US economy. Brent crude futures dropped 34 cents to $73.31 per barrel, while WTI crude futures fell 42 cents to $70.49 per barrel. Analysts noted that the Fed's rate cut indicated economic headwinds, overshadowed by weak demand from China's slowing economy, where refinery output slowed for the fifth month in August. Despite this, Citi analysts projected a potential rebound in Chinese oil demand by 300,000 barrels per day in Q4 2024 due to improved refinery operations. Additionally, tensions in the Middle East, particularly involving Hezbollah and Israeli security operations, contributed to market uncertainty. #OilPrices #FederalReserve #InterestRates #ChinaEconomy #MarketAnalysis #BrentCrude #WtiCrude #MiddleEastTensions #EconomicOutlook #CitiAnalysts https://www.brecorder.com/news/40322985/oil-prices-fall-as-us-rate-cut-fails-to-boost-market-sentiment