Oil extends gains after bullish US macro data raises Fed rate cut expectations; Brent nears $84

Oil extends gains after bullish US macro data raises Fed rate cut expectations; Brent nears $84

Oil prices extended gains on Thursday, May 16, over a stabilizing US job market and slower-than-expected inflation data, which increased expectations that the US Federal Reserve would begin to cut interest rates this year. The US consumer price index (CPI) rose 0.3 per cent sequentially, according to data released by the Labor Department’s Bureau of … Read more