Oil Hits Two-Week High, Then Retreats as Powell Dims Rate Hopes
- WTI stuck in ‘balance of terror’ between supply, demand woes
- Flummoxed market ends July with smallest move in 28 years
This article is for subscribers only.
Oil closed at its highest level in more than two weeks and then stumbled back after Federal Reserve Chairman Jerome Powell seemed to dim hopes for more interest rate cuts.
Futures fell as much as 0.4% in New York, after settling 0.9% higher at the end of official trading. Flummoxed by conflicting supply and demand concerns, U.S. benchmark crude ended July up just 0.2%, its smallest monthly move since September 1991.