Oil falls for first time in six days after surprising US Fed comments
Oil's drop comes despite a bigger-than-expected fall in US inventories and a slump in Opec production in July
01 August 2019 - 11:58
London — Oil dropped below $65 a barrel on Thursday, declining for the first time in six days, after the US Federal Reserve dampened hopes for a string of interest rate cuts and as rising US output helped keep the market well supplied.
The Federal Reserve reduced rates on Wednesday, but against expectations the head of the US central bank said the move might not be the start of a lengthy series of cuts to shore up the economy against global economic weakness...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.