Oil Prices Fall, Investors Eye Fed Rate Cut

16 Dec 2024 , 12:00 PM

As investors awaited a Federal Reserve meeting later this week for signs of additional rate reduction, oil futures fell from their highest levels in weeks.

However, worries about supply disruptions in the event that the United States imposed additional sanctions on Russia and Iran, two significant producers, kept falls in check.

On Friday, Brent crude futures settled at their highest level since Nov. 22 and then dropped 21 cents, or 0.3%, to $74.28 a barrel.

In the previous session, U.S. West Texas Intermediate crude hit its highest settlement level since Nov. 7 and then fell 30 cents, or 0.4%, to $70.99 a barrel.

Investors watch Fed rate reduction as oil declines from its highest level in weeks.

As investors awaited a Federal Reserve meeting later this week for signs of additional rate reduction, oil futures fell from their highest levels in weeks.

However, worries about supply disruptions in the event that the United States imposed additional sanctions on Russia and Iran, two significant producers, kept falls in check.

On Friday, Brent crude futures settled at their highest level since Nov. 22 and then dropped 21 cents, or 0.3%, to $74.28 a barrel at 0110 GMT.

In the previous session, U.S. West Texas Intermediate crude hit its highest settlement level since Nov. 7 and then fell 30 cents, or 0.4%, to $70.99 a barrel.

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