Sunday | 12 January 2025 | Reg No- 06
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Sunday | 12 January 2025 | Epaper

Oil drops from highest in weeks, focus on Fed rate cuts

Published : Tuesday, 17 December, 2024 at 12:00 AM  Count : 150
SINGAPORE, Dec 16: Oil futures eased from their highest levels in weeks as traders took profit while waiting for a Federal Reserve meeting later this week for clues on further rate cuts.

Falls were limited, however, by concerns of supply disruptions in the event of more U.S. sanctions on major suppliers Russia and Iran.

Brent crude futures fell 29 cents, or 0.4%, to $74.20 a barrel by 0746 GMT after settling at their highest level since Nov. 22 on Friday.

U.S. West Texas Intermediate crude dropped 36 cents, or 0.5%, to $70.93 a barrel after reaching its highest settlement level since Nov. 7 in the previous session.

"After last week's +6% rally, and with crude oil trading towards the top of recent range highs, we are likely seeing some light profit-taking," IG market analyst Tony Sycamore said.

"Also it is likely a lot of trading books at banks and funds shut up shop at the end of last week and have reduced appetite for positions over the festive season."    —Reuters


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