INSUBCONTINENT EXCLUSIVE:
The oil market experienced a slight uptick on Friday, December 20, 2024, as the U.S
dollar lost ground against major currencies
This shift came in the wake of softer inflation data from the United States
barrel, marking a marginal increase of 0.08%
The West Texas Intermediate (WTI) crude futures settled at $69.46 per barrel, up by 0.11%
The DXY index, which measures the greenback against a basket of major currencies, fell by nearly 1% during the trading session
A weaker dollar typically makes oil more affordable for holders of other currencies, potentially boosting demand.Oil Prices Edge Up as
Dollar Weakens, but Weekly Losses Persist
(Photo Internet reproduction)Recent U.S
Fed officials now foresee only two quarter-point rate reductions in 2025.This cautious stance reflects the complex economic landscape
While inflation has shown signs of cooling, the labor market remains resilient
The Fed aims to strike a balance between curbing inflation and maintaining economic growth
This delicate act has significant implications for oil demand and pricing.Oil Prices Edge Up as Dollar Weakens, but Weekly Losses PersistThe
Investors are closely watching for signs of economic strength or weakness that could influence oil demand
The current market dynamics highlight the importance of individual economic decisions in shaping global trends.As the year draws to a close,
the oil market faces uncertainty
Geopolitical tensions, supply constraints, and evolving energy policies continue to influence price movements
Market participants must navigate these challenges while making informed decisions based on economic data and policy shifts.The slight
uptick in oil prices on Friday provides a glimmer of optimism
As we move forward, the interplay between economic indicators, monetary policy, and global events will continue to shape the oil market
