{"id":42282,"date":"2024-06-14T07:59:54","date_gmt":"2024-06-14T07:59:54","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-down-amid-low-demand-outlook-fed-decision-to-keep-policy-rate-constant"},"modified":"2024-06-14T09:08:45","modified_gmt":"2024-06-14T09:08:45","slug":"oil-prices-down-amid-low-demand-outlook-fed-decision-to-keep-policy-rate-constant","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-down-amid-low-demand-outlook-fed-decision-to-keep-policy-rate-constant","title":{"rendered":"Oil prices down amid low demand outlook, Fed decision to keep policy rate constant"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Oil prices decreased on Friday over growing demand concerns in the US, the world’s largest oil-consuming country, the US Federal Reserve’s (Fed) decision to keep its policy rate unchanged and cease-fire talks in the Middle East.<\/p>\n

International benchmark Brent crude traded at $82.44 per barrel at 10.43 a.m. local time (0743 GMT), a fall of 0.37% from the closing price of $82.75 per barrel in the previous trading session.<\/p>\n

The American benchmark West Texas Intermediate (WTI) traded at $78.19 per barrel at the same time, a 0.55% drop from the previous session that closed at $78.62 per barrel.<\/p>\n

The Fed\u2019s decision to maintain its hawkish stance in the face of slower inflation led to a strong risk perception, which in turn led to lower oil prices.<\/p>\n

The bank announced that it would not change its policy rate in line with expectations but would keep rates constant in the range between 5.25% and 5.50%.<\/p>\n

This decision supported a stronger US dollar against other currencies, dulling oil demand and supporting price declines.<\/p>\n

The US dollar index, which measures the US dollar’s value against other currencies, rose by 0.24% to 105.44 at 10.17 a.m. local time (0717 GMT).<\/p>\n

Despite the summer period when oil demand is typically high, data indicating an increase in US crude oil inventories last week raised demand concerns.<\/p>\n

The Energy Information Administration (EIA) announced an 0.8% increase, equivalent to 3.7 million barrels, in US commercial crude oil inventories during the week ending June 7.<\/p>\n

Additionally, efforts to implement a cease-fire in the Middle East, home to the vast majority of global oil reserves, continue to impact oil prices.<\/p>\n

Speaking on Thursday, President Joe Biden stated that the US would keep pushing for a cease-fire that he had declared for the fighting that has claimed the lives of over 37,000 people in the Gaza Strip.<\/p>\n

Biden confirmed that leaders at the G7 summit in Italy had discussed the cease-fire but conceded that he was not confident but was hopeful that one would be reached.\u200b\u200b\u200b\u200b\u200b\u200b\u200b<\/p>\n

For More News And Analysis About Mauritius Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Oil prices decreased on Friday over growing demand concerns in the US, the world’s largest oil-consuming country, the US Federal Reserve’s (Fed) decision to keep its policy rate unchanged and cease-fire talks in the Middle East. International benchmark Brent crude traded at $82.44 per barrel at 10.43 a.m. local time (0743 GMT), […]<\/p>\n","protected":false},"author":84,"featured_media":42281,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[2704,241,2705,2721],"class_list":["post-42282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-brent","tag-mauritius","tag-oil","tag-west-texas-intermediate"],"yoast_head":"\nOil prices down amid low demand outlook, Fed decision to keep policy rate constant - Mauritius<\/title>\n<meta name=\"description\" content=\"Oil prices decreased on Friday over growing demand concerns in the US, the world's largest oil-consuming country, the US ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-down-amid-low-demand-outlook-fed-decision-to-keep-policy-rate-constant\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices down amid low demand outlook, Fed decision to keep policy rate constant\" \/>\n<meta property=\"og:description\" content=\"Oil prices decreased on Friday over growing demand concerns in the US, the world's largest oil-consuming country, the US ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-down-amid-low-demand-outlook-fed-decision-to-keep-policy-rate-constant\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-14T07:59:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-14T09:08:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2024\/06\/sm_1718336245.630817.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-down-amid-low-demand-outlook-fed-decision-to-keep-policy-rate-constant#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-down-amid-low-demand-outlook-fed-decision-to-keep-policy-rate-constant\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil prices down amid low demand outlook, Fed decision to keep policy rate constant\",\"datePublished\":\"2024-06-14T07:59:54+00:00\",\"dateModified\":\"2024-06-14T09:08:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-down-amid-low-demand-outlook-fed-decision-to-keep-policy-rate-constant\"},\"wordCount\":348,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-down-amid-low-demand-outlook-fed-decision-to-keep-policy-rate-constant#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2024\/06\/sm_1718336245.630817.jpg\",\"keywords\":[\"Brent\",\"Mauritius\",\"oil\",\"West Texas Intermediate\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-down-amid-low-demand-outlook-fed-decision-to-keep-policy-rate-constant#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-down-amid-low-demand-outlook-fed-decision-to-keep-policy-rate-constant\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-down-amid-low-demand-outlook-fed-decision-to-keep-policy-rate-constant\",\"name\":\"Oil prices down amid low demand outlook, Fed decision to keep policy rate constant - 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