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International crude oil prices have fallen for three consecutive days amid concerns over the impact of high interest rates on oil demand. The prices of Brent crude and West Texas Intermediate (WTI) have both declined, with Brent trading at $81.13 per barrel and WTI at $76.61 per barrel.
The decrease is attributed to the uncertainty surrounding the timing of the first interest rate cut by the US Federal Reserve (Fed), which has led to a decrease in the likelihood of a rate cut in the near future. This, in turn, has boosted the value of the US dollar, making oil more expensive for holders of other currencies, thereby reducing demand. Additionally, the Energy Information Administration (EIA) reported a higher-than-expected increase in US crude stocks, further contributing to the downward trend in oil prices[2][3].
Citations:
[1] https://www.cnbc.com/2024/05/23/oil-prices-fall-on-worries-of-higher-us-interest-rates.html
[2] https://www.aa.com.tr/en/economy/oil-prices-down-following-uncertainties-in-us-feds-interest-rate-policy/3229029
[3] https://www.reuters.com/business/energy/oil-prices-fall-worries-higher-us-interest-rates-2024-05-23/
[4] https://www.reuters.com/business/energy/oil-prices-fall-fear-high-us-interest-rates-depressing-demand-2024-05-21/
[5] https://www.aa.com.tr/en/economy/oil-prices-down-amid-ongoing-uncertainties-over-us-fed-interest-rate-cut/3235057
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