The shadow of US interest rates over the black gold market/oil prices fell

According to the Fars International Economic Group, quoted by Reuters, due to the economic impact of the possible increase in the interest rate of the United States and the weak statistics of China’s industrial production, which was strong enough to neutralize the effect of the OPEC+ production cut that will be implemented this month, oil prices in trading Global markets fell today.

Brent oil was down 67 cents at $79.66 a barrel, and US crude was down 75 cents at $76.03 a barrel.

The consumer spending index was stable in March, but the continued strengthening of inflation could cause the Federal Reserve to raise interest rates again.

“The prospect of further interest rate hikes to be announced by the Federal Reserve this week is expected to add to short-term price volatility,” said Baden-Moore, head of commodities strategy at National Australia Bank (NAB).

The Federal Reserve is expected to raise interest rates by another 0.25% this week. Since March of last year, the Federal Reserve has increased the interest rate from near zero to the current range of 4.75 to 5 percent.

In the week ahead, the Reserve Bank of Australia is expected to extend its rate hike freeze on Tuesday and the European Central Bank is expected to raise interest rates by 0.50% on Thursday.

Meanwhile, China’s Purchasing Managers’ Index (PMI) fell to 49.2 from 51.9 in March, official data showed yesterday.

Manufacturing activity in Japan, the world’s third-largest economy, fell for a sixth straight month in April, but the manufacturing sector is heading for stability amid a slowdown in orders.

“Investors remain cautious amid mixed economic cues,” ANZ Research wrote in a client note.

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