10 articles | last updated: Jul 12 01:00:03
US crude inventories drop by 3.4 million barrels, boosting market optimism for Federal Reserve rate cuts.
- Benchmark US crude oil for August delivery rose to $82.62 per barrel, while Brent crude for September delivery increased to $85.40 per barrel.
- Gasoline and heating oil prices saw minor changes, with gasoline up 2 cents to $2.52 a gallon and heating oil steady at $2.52 a gallon.
- Gold and silver prices also increased, with gold rising to $2,421.90 per ounce and silver to $31.67 per ounce.
- The drop in US crude stockpiles and easing inflation have fueled hopes for a potential Federal Reserve rate cut later this year.
- OPEC and IEA have differing outlooks on global oil demand growth, with OPEC projecting stronger growth than the IEA.
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- United States Country in North America
- International Energy Agency Intergovernmental
- OPEC Company
- Federal Reserve System Central bank
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