Institutions: Multiple factors support oil prices in European midday trading after the Fed cuts interest rates and rises.

GoldenOctober2024

2024-09-19 10:23:09

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On September 19th, during the European midday trading session, oil prices maintained an upward trend. After the Federal Reserve announced a 50 basis point rate cut, Brent crude oil prices returned to $75 per barrel. The international Benchmark crude oil prices pumped 1% to $74.41 per barrel, and the US WTI crude oil prices pumped 1.1% to $70.65 per barrel. Ole Hvalbye, a commodity analyst at SEB, said in a report: ‘The softer outlook for monetary policy has fueled expectations of stronger future demand, further supporting the more likely bullish prospects for oil prices. However, speculative positions remain seriously short.’ After the second attack on members of Iran-supported Hezbollah this week, concerns arose that the Middle East may face a wider conflict, which also supported oil prices.

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