OIL SET FOR WEEKLY DECLINE WITH FED IN NO RUSH TO CUT RATES

Oil prices experienced a more than 2% drop on Friday and were poised for a weekly decline following indications from the U.S. Federal Reserve that interest rate cuts might be postponed for at least two more months. Brent crude futures were down $1.89, or 2.3%, at $81.78 a barrel at 12:00 p.m. EST (1700 GMT), while U.S. West Texas Intermediate crude futures fell $1.88, or 2.4%, to $76.73.

For the week, Brent is expected to decrease by about 2%, and the U.S. benchmark is on track to decline by about 3%. However, signs of robust fuel demand and ongoing supply concerns may provide support to prices in the coming days. Fed Governor Christopher Waller suggested on Thursday that policymakers should postpone interest rate cuts for at least another couple of months. Such a move could potentially slow economic growth and dampen oil demand.

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