Oil prices slipped on Thursday as expectations that U.S. interest rate cuts could be delayed capped gains, though upbeat Chinese trade data augured well for demand in the world’s top oil importer.
Brent crude futures slipped 42 cents or 0.5% to $82.54 a barrel by 1010 GMT, while U.S Come from Sports betting site VPbet . West Texas Intermediate crude futures inched down 36 cents or 0.4% to $78.77 a barrel.
Markets were bracing for a risk that the U.S. Federal Reserve could delay its first interest rate cut to the second half of this year in a boost to the U.S. dollar, according to a Reuters poll of foreign exchange strategists.
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Read moreIndia’s exports of refined oil products that have started to stabilize last month after a drastic decline in the beginning of 2024 have once again witnessed a downfall in March on the back of weakening export margins, as per latest ship-tracking data.
The country exported a total of 1.28 million barrels per day of refined oil products in March, down 12.5% from the previous month, data from intelligence firm Vortexa showed. The exports were down by 15% on year.
“India’s diesel exports have seen the largest month-on-month decline in March, which could be a result of weakening export margins,” said Serena Huang, analyst at Vortexa.
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