WASHINGTON (dpa-AFX) - Oil prices declined on Friday but were set for a second weekly gain amid hopes that that the Federal Reserve's first rate cut of the year would help increase U.S. fuel demand.
The U.S. central bank cut the Federal Funds Rate by 25 basis points on Wednesday and held out the possibility of two more rate cuts this year, giving global central banks room to ease policy amid trade pressures.
Brent crude futures dipped half a percent to $67.08 a barrel in European trade, while WTI crude futures were down 0.90 percent at $63.01.
Demand-side concerns persist following warnings from the Energy Information Administration and other energy agencies.
In Russia, the world's second-largest oil producer in 2024 after the U.S., the finance ministry announced a new measure on Thursday that will help protect the state budget from oil price volatility and Western sanctions targeting Russian energy exports.
Also helping ease concerns over supply disruptions, U.S. President Donald Trump implied that he favored low prices over sanctions as a means of pressuring Russia to end its war in Ukraine.
Elsewhere, major European nations will likely reimpose international sanctions on Iran by the end of the month, France's President Emmanuel Macron said ahead of a UN Security Council vote on the issue.
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