Crude oil prices began the day with a loss in Asian trading today as concerns about oversupply and weak demand continued to weigh on prices. Traders are also waiting for the outcome of a Fed meeting today and the Energy Information Administration’s latest weekly oil inventory report. Reuters noted in a report that recent economic data had reinforced expectations that the Fed was not going to start cutting rates in early 2024, which was translated as a bearish factor for oil since higher interest rates discourage increased consumption. Meanwhile,…
