"Oil drops as sticky US inflation heightens demand concerns"

" Oil drops as sticky US inflation heightens demand concerns \r\nOil prices\u00a0fell as investor attention returned to the demand outlook after reports of higher producer prices in the\u00a0U S, the world\u2019s biggest oil user, stoked worries that sticky\u00a0inflation\u00a0and higher interest rates would limit fuel consumption growth.\r\n\r\nBrent crude futures were down 55 cents, or 0.7%, at US$82.92 a barrel at 0720 GMT. The March contract for U.S. West Texas Intermediate crude, which expires on Tuesday, was 41 cents, or 0.5%, lower at US$78.78.\r\n\r\nThe WTI April contract was down 0.7%, or 54 cents, at US$77.92.\r\n\r\nBoth Brent and WTI contracts had settled higher on Friday, as geopolitical tensions in the Middle East offset slowing demand forecasts from the International Energy Agency.\r\n\r\n\u201cWTI and Brent eased on Monday morning as investors re-adjust to demand-side fears after a significant jump in U.S. producer price index numbers,\u201d said Phillip Nova analyst Priyanka Sachdeva in a research note.\r\n\r\nU.S. producer prices increased more than expected in January amid strong gains in the costs of services, which could amplify inflation worries.\r\n\r\nMarkets are also yet to see the direction of demand from China after it returns from a week-long Lunar New Year holiday, while Presidents\u2019 Day in the United States is set to keep trade relatively muted.\r\n\r\nMoreover, Federal Reserve policymakers on Friday signalled \u201cpatience\u201d toward interest rate cuts. Higher rates keep up the cost of buying oil, providing for a bearish market trend.\r\n\r\nOver the weekend, tension in the Middle East continued as Israeli raids put the Gaza Strip\u2019s second-largest hospital out of service, and Yemen\u2019s Iran-aligned Houthi fighters claimed responsibility for an attack on an India-bound oil tanker.\r\n\r\nThe Organization of the Petroleum Exporting Countries (OPEC) would be able to cover \u201cmost levels of disruption\u201d, ANZ Research analysts said in a client note, as its spare capacity is at an eight-year high of 6.4 million barrels of oil per day.\r\n\r\n \r\n\r\n\u201cThe market was also reminded of the uncertain outlook for demand, with the International Energy Agency warning that growth is expected to lose its steam in 2024,\u201d ANZ said. The agency forecasts a market surplus during the year.\r\n\r\nThe United Nations Security Council is likely to vote on Tuesday on an Algerian push for the 15-member body to demand an immediate humanitarian ceasefire in the Israel-Hamas conflict, diplomats said, with the United States signalling it would veto.\r\n\r\nIn Europe, Russia on Sunday said it had full control of the Ukrainian town of Avdiivka in its biggest gain in nine months, days ahead of the two-year anniversary of its invasion.\r\n\r\nIt was not immediately clear whether the death of Alexei Navalny, President Vladimir Putin\u2019s most high-profile opponent, in a Russian Arctic penal colony on Friday would trigger new sanctions on Moscow, the world\u2019s second-biggest oil exporter."

"Oil drops as sticky US inflation heightens demand concerns"

President Mahama Reassigns Defence and Environment Ministerial Portfolios Following Fatal Helicopter Crash That Killed Two MinistersAMP

GOC Suspends King’s Baton Relay in Response to Tragic Helicopter Crash Claiming Eight Lives, Including Two MinistersAMP

Kopa Trophy 2025: Yamal, Doue, and Agyemang Lead Nominees for Best Young PlayerAMP