Jan 06, 2025 (MENAFN via COMTEX) --
(MENAFN)
Oil prices fell on Monday, retreating from three-month highs, as increasing concerns about a potential recession in major global economies fueled fears of slowing global oil demand.
Brent crude, the international benchmark, dropped by 0.6 percent, reaching USD76.01 per barrel at 10:57 AM local time (0757GMT), down from USD76.47 at the previous session's close.
Meanwhile, the US benchmark West Texas Intermediate (WTI) also declined by 0.6 percent, falling to USD73.18 per barrel from USD73.63 at the close of the prior session.
Ongoing uncertainty surrounding the trade policies of the incoming US administration continues to influence commodity prices, while also affecting the Federal Reserve's (Fed) outlook on policy.
Market participants are eagerly awaiting US employment data and the minutes from this week's Federal Open Market Committee (FOMC) meeting.
Though the Fed is expected to implement only two interest rate cuts this year, market players will look to the FOMC meeting minutes, due on Wednesday, for further insights into the central bank's future policy actions.
The Fed is likely to maintain its policy rate at current levels during its first monetary policy decision of 2025 on January 29.
Richmond Fed President Tom Barkin, speaking on Friday, emphasized key variables influencing the Fed's interest rate decisions and suggested that it would be wise to wait for more data before making any decisions.â??
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