Oil Extends Two-Day Climb on Renewed Optimism for US Rate Cuts
Written by Black Hot Fire Network on May 10, 2024
(Bloomberg) -- Oil advanced for a third day — putting it on course for a weekly gain — as US jobs data supported the case for Federal Reserve rate cuts this year, buoying risk assets.
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Brent rose above $84 a barrel after a two-day climb that added about 1%, holding above the 100-day moving average. West Texas Intermediate neared $80. Initial applications for US unemployment benefits increased to the highest level since August, supporting the case for looser monetary policy. The dollar slipped on Thursday, making commodities more attractive for most buyers . . .
