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0 News Ghana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://newsghana.com.gh/crude-oil-prices-dip-as-traders-await-fed-meeting-and-policy-shifts/
Crude oil futures eased on Monday, following a week of gains, as traders adjusted positions ahead of the Federal Reserve’s upcoming meeting, where a rate cut is widely anticipated.
The pullback was driven by profit-taking and a general slowdown in market activity as the holiday season approaches, fostering a more cautious tone among participants.
This shift introduced a slightly bearish outlook for oil prices in the short term, with traders reassessing their positions amid ongoing uncertainty.
Despite the dip, oil prices found some support from geopolitical risks, including potential new U.S. sanctions on Russia and Iran. U.S. Treasury Secretary Janet Yellen reaffirmed efforts to limit Russia’s oil revenue, contributing to market concerns. Meanwhile, expectations of a Fed rate cut, combined with recent reductions by other central banks, could offer some relief to the market. The combination of supply constraints and looser monetary policy might provide a degree of support. However, forecasts for abundant oil supply in 2025 and signs of slowing demand from China are likely to cap any significant upward momentum, limiting the market’s bullish potential.
News Ghana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://newsghana.com.gh/crude-oil-prices-dip-as-traders-await-fed-meeting-and-policy-shifts/
