On Friday morning, oil prices continued to decline modestly due to concerns about a slowdown in the US economy. November Brent futures on ICE Futures fell to $66.88 per barrel. Contracts for WTI for October delivery on the NYMEX fell to $62.87. In the middle of the week, the Federal Reserve lowered the rate by 25 bps, for the first time since December last year, and allowed its further reduction by 50 bps until the end of 2025. Policy easing may support fuel demand, but the very fact of the decline indicates a weakening economy. «The economy is clearly slowing down, and the Fed is trying to bring it back to growth,» said Jorge Montepeque of Onyx Capital Group. An additional factor for the market was a sharp reduction in commercial oil reserves in the United States – by 9.29 million barrels per week. The reason was the drop in imports to a historic low, while exports rose to a maximum in almost two years.
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