Oil trades lower as investors turn cautious ahead of Fed Chair remarks; Brent at $83/bbl
Oil prices declined on Thursday, August 24 under pressure from the previous day’s weak data from major economies, due to which investors were worried about the demand outlook and also as the US dollar strengthened ahead of a speech from US Federal Reserve Chair Jerome Powell.
Federal Reserve officials and other global central bankers were headed to Jackson Hole, where Powell will address the symposium on Friday. Investor caution on the eve of his remarks lifted the safe-haven dollar. A costlier greenback makes oil more expensive for holders of other currencies, impacting the overall demand growth.
Brent crude fell 16 cents, or 0.2 per cent, to $83.05 a barrel. US West Texas Intermediate crude fell 12 cents, or 0.2 per cent, to $78.77 a barrel. At their session low, both sessions had been down by more than a dollar, according to news agency Reuters.
Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a September 19 expiry, were last trading lower by 0.24 per cent at ₹6,539 per bbl, having swung between ₹6,425 and ₹6,556 per bbl during the session so far, against a previous close of ₹6,555 per barrel.
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Updated: 24 Aug 2023, 10:33 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.