Oil prices advanced, with West Texas Intermediate (WTI) closing near $83 a barrel, buoyed by the prospect of looser monetary policies which helped counterbalance diminishing geopolitical risk premiums. The oil market's gain was mirrored by a rally in equities, sparked by a report indicating this year's slowest growth in U.S. business activity—a development viewed by traders as a potential precursor to Federal Reserve interest rate cuts.
Posted: 2024-04-24 15:08:36.000000