AA / Istanbul / Duygu Alhan
The prices of a barrel of oil fell during morning trading on Tuesday before the publication of the minutes of the last meeting of the American Federal Reserve (Fed) aimed at better understanding the state of demand in the United States and policy Fed interest rate.
International benchmark Brent crude traded at $83.24 per barrel at 10:29 a.m. local time (0729 GMT), down 0.56% from Monday’s closing price which was of 83.71 dollars per barrel.
The benchmark American barrel West Texas Intermediate (WTI), for its part, traded at $78.84 per barrel, with a drop of 0.58% compared to the closing price of Tuesday trading, which concluded per day at $79.30 per barrel.
The “cautious” indications seen in the Fed’s official statements revealed that interest rate cuts should not be implemented hastily, favoring a decline in crude prices.
Recent statements released by Fed officials have put downward pressure on oil prices by fueling concerns about the state of demand.
Federal Reserve Vice Chairman for Supervision Michael Barr said Monday that inflation numbers for the first quarter of this year were “disappointing.”
For her part, the president of the San Francisco Fed, Mary Daly, affirmed that the definitive reduction in inflation was not certain, adding that there was “no urgency” to adjust interest rates. ‘interest. At the same time, Cleveland Federal Reserve Director Loretta Mester stressed that inflation risks were rising.
Market participants are awaiting the American Petroleum Institute’s (API) forecast for commercial crude oil reserves, which will be released later on Tuesday, to assess the state of demand in the United States, the largest oil-consuming country in the world.
The United States Energy Information Administration (EIA) is expected to release official data on crude oil reserves on Wednesday.
However, political uncertainties in Iran and Saudi Arabia, which are among the world’s main oil producers, reinforce the risks to energy supplies and support the rise in oil prices.
Tehran confirmed, on Monday, the death of Iranian President Ebrahim Raïssi, his Minister of Foreign Affairs, Hossein Amir-Abdollahian, and several other senior officials, in a helicopter crash that occurred on Sunday afternoon in the mountainous province of East Azerbaijan.
The accident occurred as the helicopter was returning from a ceremony to inaugurate and commission two hydroelectric complexes on the Iran-Azerbaijan border.
* Translated from English by Mounir Bennour.
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