The turmoil returns again!! A sudden decline in oil prices today despite expectations of an interest rate cut

The oil market witnessed a sudden decline this morning, Saturday, March 9, 2024, despite achieving a rise yesterday. The price of Brent crude oil fell to $82.08, offset by a similar decline in the price of West Texas Intermediate crude to $78.01.

This decline caused confusion, despite the emergence of a glimmer of hope after the curtain was drawn on the scenes of the economic arena by the head of the US Central Bank. Who reported that market analyzes suggest that inflation is not far from declining, and this in turn will give indications of an imminent reduction in interest rates.

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However, it is likely that the reason for the decline is mainly due to the turmoil in the political situation, especially in the Middle East region in the face of the war raging in occupied Palestine, as well as the other war taking place in the Red Sea region between the Houthis and Western countries, including the United States of America.

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