Oil climbs $2/barrel

Author: Reuters

US light crude oil gained more than $2 a barrel on Friday after comments by US Federal Reserve Chair Jerome Powell indicated the central bank was preparing to cut interest rates. Brent crude futures rose by $1.88, or 2.43%, to $79.01 a barrel at 12:55 p.m. CDT (1755 GMT). US West Texas Intermediate (WTI) crude futures rose $1.93, or 2.64%, to $74.93. “The pivot by the Federal Reserve is real,” said Phil Flynn, senior analyst at Price Futures Group. “It’s impacting all commodities.” This week, both benchmarks hit their lowest since early January, after the US government sharply lowered its estimate of jobs added by employers this year through March, raising fears of a possible recession. On Friday, Powell endorsed easing the Fed’s policies, saying further cooling in the job market would be unwelcome. He also expressed confidence inflation was within reach of the US central bank’s 2% target. “The upside risks to inflation have diminished. And the downside risks to employment have increased,” Powell said in a highly anticipated speech to the Kansas City Fed’s annual economic conference in Jackson Hole, Wyoming. “The time has come for policy to adjust.

FacebookFacebookTwitterTwitterLinkedinLinkedinWhatsappWhatsappEmailEmail
Share
Leave a Comment

Recent Posts

  • Pakistan

SAMRAH ENTERPRISES AND PLANKTON FISHERIES UNVEIL PREMIUM FRESH SEAFOOD RANGE

Samrah Enterprises, Pakistan’s leading brand marketing company and owners of Fresh St!, has teamed up…

4 mins ago
  • Business

Shares at PSX climb more than 500 points ahead of MPC meeting

Bulls maintained control of the trading floor as shares at the Pakistan Stock Exchange (PSX)…

10 hours ago
  • Business

Finmin leaves for Davos to attend World Economic Forum summit

Pakistan’s Finance Minister Muhammad Aurangzeb has left for Davos to attend the World Economic Forum…

10 hours ago
  • Business

Reko Diq mine to generate $74bn in free cash flow over 37 years, Barrick CEO says

The Reko Diq copper and gold project in Pakistan is expected to generate approximately $74…

10 hours ago
  • Business

Rupee records marginal increase against US dollar

The Pakistani rupee saw marginal improvement against the US dollar, appreciating 0.02% in the inter-bank…

10 hours ago
  • Business

Gold prices increase by Rs500 per tola

The price of 24 karat per tola gold increased by Rs.500 and was sold at…

10 hours ago