Gasoline prices today: Prices increase thanks to expectations of Fed interest rate cut, Ukraine peace talks deadlocked

Oil prices rose on Thursday as investors expected the Fed to cut interest rates soon while deadlocked Ukraine peace talks dampened hopes of a revival of Russian oil exports, Reuters reported.

Brent crude futures rose 59 cents, or 0.94 percent, to $63.26 a barrel, while WTI futures rose 72 cents, or 1.22 percent, to $59.67 a barrel.

At one point during the session, WTI crude oil prices rose more than $1 a barrel as the market believed that the move to cut interest rates would support the US economy , the world's largest oil consumer, after data showed slowing job growth. The US dollar continued to weaken and was heading for a 10-day losing streak, making crude cheaper for buyers using other currencies.

Phil Flynn, an expert at Price Futures Group, said that expectations of a Fed rate cut are overwhelming all other factors and pushing oil prices up. Rising tensions between the US and Venezuela are also supporting the market as investors worry that supplies from Venezuela may decrease.

Meanwhile, oil prices were also supported as a peace plan for Ukraine stalled after President Trump's representatives left a meeting with the Russian side without any breakthrough.

Geopolitical tensions, large inventories and OPEC’s strategy to defend its market share are keeping Brent prices in the $60-$70 range, PVM analysts said. Traders had hoped a peace deal would pave the way for Russian oil to return to an oversupplied global market.

In the US, crude oil and fuel inventories rose in the week ended November 28 as refining activity improved, according to the Energy Information Administration. US Energy Information Administration ( EIA ) , crude oil inventories increased further 574,000 barrels to 427.5 million barrels .

Fitch Ratings on Thursday lowered its oil price forecast for 2025-2027 , saying oversupply and production growth continue to outpace demand. Saudi Arabia also cut its January Arab Light crude price to Asia to the lowest level in a decade. 5 years , only left 0.6 USD/barrel on Oman/Dubai reference price.

Quang Trung

Source: https://baoninhbinh.org.vn/gia-xang-dau-hom-nay-gia-bat-tang-nho-ky-vong-fed-ha-lai-suat-dam-phan-hoa-binh-251205055037861.html