Oil Prices Dip Below $90 as Stocks Rise Globally
The global markets have seen an uptick in stocks and a drop in oil prices. The oil price has fallen to $87.30, down 2%, as signals of lower demand outweighed the ongoing stalemate in peace negotiations over Iran.
Commercial crude oil inventories posted their largest weekly gain since January 2023, and the Organisation of the Petroleum Exporting Countries lowered its world oil demand growth forecast for 2026.
Traders scaled back their bets on a September rate hike, pricing in a 65% probability of the Fed staying on hold next month versus 50% on Wednesday before the release of the latest economic data and inflation figures.
The Nasdaq outperformed peers with a 2.5% daily rise, its biggest in almost a week, while the S&P index hit an all-time high last week.