Oil prices dropped lower earlier on Friday amid ongoing concerns about the timing of the first interest rate cut by the US Federal Reserve (Fed), as well as the lower demand outlook in the US, and market players being cautious ahead of the Organization of Petroleum Exporting Countries (OPEC) meeting.
It was reported that international benchmark Brent crude traded at USD81.13 per barrel, which is a fall of 0.28% from the closing price of USD 81.36 per barrel in the previous trading session.
The American benchmark West Texas Intermediate (WTI) on the other hand, traded at USD76.61 per barrel at the same time; a 0.34% decrease from previous session that closed at USD76.87 per barrel.
Analysts suggest that positive economic data flow from the US increased the possibility of Fed keeping the policy rate high for longer.
Meanwhile, the largest state-owned enterprise (SOE) in the Maldives, Stating Trading Organization (STO) announced on Sunday, that it has effectively dropped the retail prices on fuel – petrol and diesel – citing the decision reflects global oil price reductions.