The McDermitt Caldera is a large, oval-shaped caldera west of McDermitt in southeastern Oregon and northern Nevada in the United States. It is about 28 miles (45 km) long north–south and 22 miles...
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The Dow Jones Industrial Average was tumbling on Wednesday morning, down nearly 600 points, or 1.4% as investors digested a hotter-than-expected August core inflation reading that may derail the chance of a jumbo interest-rate cut by the Federal Reserve next week.
Fed-funds futures traders saw an 85% chance that the Fed will lower its rate by a quarter percentage point to a target range of 5% to 5.25% in September. The chance of a half percentage point move fell to 15% from 34% a day ago, according to the CME FedWatch Tool.
On Tuesday, crude oil prices plunged to their lowest levels since December 2021, with both major benchmarks falling nearly 4%. This sharp decline came in the wake of OPEC+ downgrading its demand forecast for 2024 and 2025, a move that overshadowed supply concerns arising from Tropical Storm Francine, as reported by Reuters.
Key market movements:
West Texas Intermediate (WTI) crude: Closed at $65.75 per barrel on the New York Mercantile Exchange, dropping $2.96 or 4.31% At one point, WTI futures fell over 5%, touching their lowest levels since May 2023
Brent crude futures: Settled at $69.19 per barrel on ICE Futures Europe, and fell $2.65 or 3.69%. Earlier in the trading session, Brent declined by more than $3 per barrel.
This significant price drop underscores the market's sensitivity to demand projections, particularly those from influential bodies like OPEC+. The revised forecast appears to have outweighed immediate supply disruption concerns, highlighting the complex interplay of factors influencing global oil prices.
Analysts will closely monitor how these price movements might impact production decisions and investment in the oil sector in the coming weeks.
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