The latest reductions could lift oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday.
Goldman Sachs lifted its forecast for Brent to $95 a barrel by the end of the year and to $100 for 2024. The surge in energy costs somewhat overshadowed Friday’s slower reading for core U.S. inflation which had seen Wall Street end the month on a strong note.Nikkei futures were still pointing to opening gains, though they were off their highs.
Treasury futures slipped, while Fed fund futures pared back expectations for rate cuts later in the year.The market nudged up the chance of the Federal Reserve hiking rates by a quarter point in May to 57 percent, from 48 percent on Friday. That in turn helped the dollar gain 0.3 percent on the Japanese yen to 133.21, while the euro eased to $1.0817.The rise in the dollar and yields nudged gold prices down 0.25 percent to $1,963 an ounce.Subscribe to our daily newsletter
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