Oil Edges Down as Rate-Cut Anticipation Balances Demand Fears
- U.S. Federal Reserve Chair to give keep speech on Friday
- New York-traded futures have declined 17% from late April peak
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Oil ended lower as weak U.S. factory data highlighted demand concerns, and prospects of a Federal Reserve interest rate cut.
Futures fell 0.6% on Thursday after a choppy session. Investors are balancing fears about slowing global economies and demand with anticipation the Federal Reserve Chair Jerome Powell will signal a rate cut is coming during a speech Friday at a Wyoming conference.