Oil prices keep falling amid Middle East stability: West Texas Intermediate crude futures fell to about $82.5 per barrel,
continuing the losses of the previous session.
Peace negotiations between the occupying entity and Hamas eased some fears of a broader conflict in the Middle East.
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Oil prices keep falling amid Middle East stability.
Oil prices keep falling amid Middle East stability.
West Texas Intermediate crude futures fell to about $82.5 per barrel,
continuing the losses of the previous session as peace negotiations
between the occupying entity and Hamas eased some fears of a broader conflict in the Middle East.
The markets are awaiting Hamas’ response to the phased truce proposal presented by Israel over the weekend in Cairo.
However, Israeli air strikes killed dozens of Palestinians on Monday,
and ongoing Houthi attacks on maritime traffic south of the Suez Canal kept investors on edge.
On the other hand, the markets cautiously awaited the monetary policy decision
by the U.S. Federal Reserve on Wednesday, as stubborn inflation weakened expectations for a rate cut.
China’s manufacturing and service sectors remained expansive in April, boosting demand expectations.
Gold stabilizes, and all eyes are on the Federal Reserve meeting.
Gold settled near $2314 per ounce as markets awaited the Federal Reserve’s monetary policy decision
and the non-farm payroll data due later this week.
Investors are looking for clues about the Federal Reserve’s monetary stance,
Recent U.S. economic data has eased expectations for a rate cut.
The Federal Reserve is expected to keep the benchmark interest rate steady at 5.25% to 5.5%,
and most traders currently expect only one federal rate cut this year, down from the previously expected three.
Why was the dollar index rising before the federal meeting?
The Dollar Index rose above 105.8 after declining in the previous session,
as investors shifted their focus to this week’s Federal Reserve policy meeting.
The U.S. central bank is widely expected to keep interest rates at their
current levels amid strong U.S. economic data and hawkish rhetoric from policymakers.
Investors are also looking forward to the non-farm payroll reports for April on Friday
for clues about the strength of the labor market. Meanwhile, the index lost 0.4% on Monday,
facing pressure from a sharp rise in the yen due to suspected intervention by Japanese authorities.
However, the Japanese government has not confirmed whether it has helped support the yen
and affirmed that it is prepared to act on foreign exchange issues around the clock.
Oil prices keep falling amid Middle East stability
