Crude oil prices started the day with a gain, rising modestly in Asian morning trade as the market assessed the risk of another rate hike in the United States and the supply limits OPEC+ agreed earlier this month.
That early gain, which may well reverse later in the day, came after the first daily decline in prices after three weekly increases in a row. Reuters attributed the Monday decline to monthly U.S. jobs data released last Friday, which showed hiring was still strong and jobless rates were falling.
This reinforced expectations of more rate hikes by a hawkish Fed, and this, in turn, reinforced suspicions about the future of oil demand. The Fed is releasing the minutes of its March meeting tomorrow.
Challenger Energy Group plc (LON:CEG) is a Caribbean and Atlantic margin focused oil and gas company, with a range of petroleum assets located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay.
