Oil prices mixed as OPEC supply cut prospect neutralises demand fears
MELBOURNE (Reuters) – Oil prices were mixed on Monday as investors balanced expectations the OPEC will cut output to support prices against concerns sparked by Federal Reserve Chairman Jerome Powell saying the United States will face slow growth “for some time”.
U.S. West Texas Intermediate (WTI) crude futures rose 2 cents to $93.08 a barrel at 0003 GMT, adding to Friday’s gain.
Brent crude futures were down 27 cents, or 0.3%, at $100.72 a barrel, trimming gains from the previous session.
In a speech on Friday, Powell said curbing inflation “is likely to require a sustained period of below-trend growth” and would “bring some pain to households and businesses”, which rattled equity markets while boosting the dollar.
