May 22, 2024
05:28
05:28
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Oil prices decline, Brent falls 0.5% to $82.45, WTI slips
Market trends showed a mix of gains and losses, influenced by varied economic indicators and central bank decisions. Meanwhile, oil prices continued their decline amid expectations of sustained high US interest rates, as Wall Street closed in positive territory, reflecting investor optimism. Asia-Pacific markets showed varied results on Wednesday, with Australia's S&P 200 gaining point -1-2%, Japan's Nikkei declining by nearly 1%, and South Korea's Kospi slightly rising. New Zealand's main index climbed 0.5% following the Reserve Bank's decision to maintain the official cash rate at 5.5% for the seventh consecutive time, reflecting economic stability. Oil prices dropped for the third consecutive session on Wednesday due to expectations that the US Federal Reserve may keep nterest rates higher for longer to combat sustained inflation, with Brent crude futures falling to 82 dollars and 45 cents per barrel and U.S. WTI slipping to $78.16. The S&P 500 rose by 0.3%, while the Dow Jones and the Nasdaq composite gained 0.2%. Russell 2000 index of smaller companies fell slightly by 0.2%.
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