According to Jinshi, data released by the U.S. Energy Information Administration showed that commercial crude oil inventories increased by 7.3 million barrels last week as exports fell and refineries reduced capacity. The market is worried about future demand. The market generally expects the Federal Reserve to keep interest rates unchanged and adopt a tougher tone as recent data show that inflationary pressures remain. Swissquote analyst Ipek Ozkardeskaya said that the Federal Reserve must respond to three consecutive months of inflation and may take a step back in its rate cut plan this year, or even reduce expectations of a rate cut in 2024.
