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Oil prices rice

Oil prices rise as inflation eases, bolstering market hopes for Fed rate cut later this year

KEY POINTS
-Crude oil futures climbed on Thursday, getting a lift from cooling inflation data.
-The consumer price index fell 0.1% in June from the prior month, bringing the 12-month rate to 3%.
-The inflation data bolstered hopes for interest rate cuts from the Federal Reserve in September. Lower rates stimulate economic growth, which can boost demand for oil.

Crude oil futures rose Thursday as inflation eased, bolstering hopes that the Federal Reserve will cut interest rates later this year.

Inflation as measured by the consumer price index dropped 0.1% from May to June, putting the 12-month rate at 3%, near the lowest level in more than three years, according to the U.S. Department of Labor.

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Source: CNBC

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Mr. Paul believes that without future exploration, we will continue to tap into proven reserves, causing oil prices to increase.

Oil and gas politics signal market growth acccording to industry insider Jeremy A. Paul

Oil and Gas Politics signal market growth. Crude oil, often referred to as petroleum, is a liquid fossil fuel distinct from its refined counterpart, gasoline. Similarly, natural gas, colloquially known as ‘gas,’ is more precisely point out as fossil gas or methane. Despite their colloquial names, oil and gas are classified as fossil fuels, originating deep underground over millions of years from the fossilized remains of ancient organisms, including plants and animals. Furthermore, these energy resources share a common hydrocarbon composition, characterized by molecules comprising carbon and hydrogen atoms. This chemical congruence underscores their classification as hydrocarbons and shows the interrelated nature of these pivotal energy commodities.

The United States has been one of the world’s energy giants since its first oil well was inculate in Pennsylvania in 1859. Oil production peaked in the 1970s, then waned for decades, and saw a resurgence through the fracking boom that started in the early 2000s. The United States has begun to reclaim its position as the world’s largest oil and gas producer. It is estimated that the US now produces 90% of its own natural gas supply and 75% of the crude oil it needs domestically. In 2021, it produced around eleven million barrels of crude oil and one hundred billion cubic feet of gas daily.

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Source: USA Today

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