WASHINGTON (dpa-AFX) - Crude oil prices fell on Friday, weighed down by concerns the Federal Reserve may keep interest rates higher for a longer period, and some uncertainty about the outlook for oil demand due to signs of weakening economic growth.
West Texas Intermediate Crude oil futures for June ended down by $1.00 at $78.26 a barrel.
Brent crude futures were down $1.06 or about 1.25% at $82.82 a barrel a little while ago.
A slightly stronger dollar weighed on oil prices. The greenback moved higher against its major counterparts in the New York session, as investors awaited the release of U.S. inflation data for April next week, which will guide the outlook for Fed rate cuts.
The consumer price index is forecast to rise 0.3% on the month and 3.4% annually, down from 0.4% and 3.5%, respectively in March.
Federal-funds futures currently show traders expect the Fed to start lowering its benchmark interest rate in November though there remains a chance of a cut in September.
A report from Baker Hughes said, the oil rig count in the U.S. dropped by two to 603 in the week to May 10, the lowest since January 2022.
Baker Hughes said oil rigs fell three to 496 this week, their lowest since November, while gas rigs rose one to 103.
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