Oil Updates – prices flat as weaker IEA outlook weighs on US rate cut hopes

Oil Updates – prices flat as weaker IEA outlook weighs on US rate cut hopes

NEW DELHI: Oil prices stalled on Friday over a forecast of slowing demand by the International Energy Agency after gaining in the previous session on weak US retail sales data that sparked optimism that the Fed might cut interest rates sooner than expected.

Brent crude futures were down 9 cents, or 0.1 percent, to $82.77 a barrel at 6:42 a.m. Saudi time. US West Texas Intermediate crude futures rose 4 cent to $78.07 a barrel. Oil Updates – prices flat as weaker IEA outlook weighs on US rate cut hopes