Energy Preview: WTI crude oil edges lower in early Asia

WTI crude oil futures edge lower on Friday morning in Asia amid oversupply risks and soft fuel demand in the US, the world?s biggest oil consumer. However, a large draw in the US crude inventories and an interest rate cut by the Federal Reserve (Fed) could limit downside for the commodity. The Fed cut the Federal Funds Rate by 25 basis points (bps) at the end of a two-day monetary policy meeting on Wednesday, lowering borrowing costs to the 4.00% to 4.25% range. Currently, the counter is quoting at $63.13per barrel, down 0.21% on the day.

Powered by Commodity Insights