Hopes of Fed Cut Jolts Oil Prices

Brent crude jumped above $80 per barrel again on Friday morning following the ECB rate cut decision on Thursday. Friday, June 07, 2024The oil markets got their breath back after the Monday sell-off saw WTI plunge to $73 per barrel, with Saudi Arabia and Russia insisting that the gradual return of crude to the markets should be seen as a positive signal rather than a bearish one. The interest rate cut of the European Central Bank has provided some macro upside to prices, raising the hopes for a potential Federal Reserve interest rate cut in…