Trump's Fed criticism triggers modest rebound in oil prices
Oil prices on the New York Stock Exchange rose after Monday's decline. This is due to criticism by the President of the United States, Donald Trump, against the Federal Reserve and its chief, Jerome Powell. It is worth noting that the increase is not as significant as the drop at the beginning of the week.
Oil prices on the New York Stock Exchange registered an increase after a significant drop on Monday. This drop was due to criticism from U.S. President Donald Trump regarding the actions of the Federal Reserve and its chairman, Jerome Powell. This situation unsettled global markets, as observed by brokers.
On the New York Stock Exchange NYMEX, the price of a barrel of West Texas Intermediate for May delivery is currently $63.73, reflecting an increase of 1.03%.
Meanwhile, on the London ICE exchange, the price of Brent crude for June rose by 0.69%, reaching $66.72 per barrel. It is worth mentioning that on Monday, the price of Brent fell by 2.5%.
criticism of the Fed and its impact on the markets
U.S. President Donald Trump warned that the American economy could slow down unless the Fed decides to lower interest rates. This is another wave of criticism from the president against Jerome Powell. Trump is even considering dismissing Powell, which led to a sell-off of U.S. company stocks, bonds, and the dollar on Monday.
Oil faced pressure on Monday due to concerns over the escalation of global trade tensions, which may affect the demand for energy. Vandana Hari, co-founder of the consultancy firm Vanda Insights, points out that it is currently challenging to see factors that could influence stronger increases in oil prices.
Analysts highlight that this month, increased oil supplies from OPEC+ alliance countries returned to global fuel markets. This raises concerns about a possible oversupply of the commodity, which may exert additional pressure on its prices.
