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Oil falls more than 3% on softening demand: Is that an opportunity or not?
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💡Summary: API data shows crude inventories fell last week -market sources EIA lowers 2024 Brent price forecast Draft COP28 climate deal Show More
💡Summary:
API data shows crude inventories fell last week -market sources
EIA lowers 2024 Brent price forecast
Draft COP28 climate deal drops call to 'phase out' fossil fuels

Oil prices fell more than 3% on Tuesday to their lowest level in six months on concerns of oversupply and after U.S. economic data showed an unexpected rise in consumer prices. Brent crude futures for February settled down $2.79, or 3.7%, to $73.24 a barrel. U.S. West Texas Intermediate crude futures for January slipped $2.71, or 3.8%, to $68.61 a barrel.

In the U.S., the consumer price index unexpectedly rose in November, further bolstering the view the Federal Reserve was unlikely to cut interest rates early next year. Crude oil is closely related to economic indicators due to its presence in various parts of the real economy. While crude oil can drive economic development in countries, price fluctuations may affect economic stability and monetary policies. (Data as of Dec 13, 2023 6:15AM GMT+8)

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🎙️Q:
Where do you think oil will be at the end of the year?

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