Oil Prices Remain Under Pressure Despite Rising Gasoline Demand

A combination of crude inventory builds and high interest rates continued to weigh on oil prices this week, with Brent and WTI both trading near three-month lows.Friday, May 24th 2024Oil prices have been declining for four consecutive days, driven lower by the Federal Reserve’s reluctance to commit to interest rate cuts this year as well as weak physical sentiment in the markets that saw backwardation in both WTI and ICE Brent drop to the lowest level seen this year. Notably improving US gasoline demand and the OPEC+ meeting might provide…