Oil prices rebounded on Wednesday, reversing course after earlier dipping to multi-month lows. The uptick follows positive economic data from the United States and a weaker dollar.
interest rates
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The oil market rollercoasters on Tuesday, buffeted by opposing forces. Concerns about potential interest rate hikes in the United States weighed on the market, while ongoing geopolitical tensions in the Middle East and supply disruptions due to wildfires in Canada provided some countervailing support.
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Oil prices fell on Monday after initial concerns about a wider conflict in the Middle East subsided. This followed Iran’s weekend attack on Israel proving less disruptive than anticipated.
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Oil prices experienced a boost in tandem with the broader financial markets following a signal from the Federal Reserve suggesting that an imminent interest rate hike might not be in…
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Oil prices dropped on Tuesday as fears of interest rates staying high for longer weighed on the global economic outlook, offsetting the impact of tight supply. Brent crude futures fell…