Commodities
Oil Edges Lower as Weak Demand Signs Outweigh Fed, Middle East
- Government data shows soft spots in US gasoline, jet fuel use
- Federal Reserve opts for steeper, half-point rate reduction
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Oil edged lower in choppy trading as signs of weak demand outweighed rising tensions in the Middle East and the Federal Reserve’s decision to opt for a steeper 50-basis-point rate cut.
West Texas Intermediate retreated below $71 a barrel, while Brent held above $73 a barrel. Government data released Wednesday showed US gasoline demand falling further below 9 million barrels a day and jet fuel consumption ebbing for the third straight week. Futures later pared losses and even briefly edged into positive territory following the Fed’s move before fading again.