Oil prices continue to decline as both Brent and West Texas Intermediate (WTI) experience a decrease of over three percent each. Bloomberg Energy reports that the British benchmark fell by 3.48 percent, while the US equivalent experienced a 3.89 percent decrease. This drop in oil prices can be attributed to the upcoming monetary policy meeting of the United States Federal Reserve (Fed). The Central Bank has been aggressively raising interest rates to bring inflation down to two percent. Current inflation rates are at 4.9 percent, leading to speculation that the Fed may pause interest rate hikes. The decision will be announced on June 14 and is expected to impact dollar fluctuations and ultimately affect oil prices.

This week’s drop in oil prices is reportedly due to weak economic data from China, the largest importer of crude oil in the world. Additionally, Saudi Arabia’s recent decision to decrease its daily crude production to 9 million barrels from 10 million barrels per day has also impacted oil prices.

As of 14:30 pm ET on June 12, Oil Price Charts reveals that Brent is trading at $71.98 dollars per barrel, while WTI equivalent trades at $67.21 dollars per barrel. These prices signify a significant drop from the previous session during which Brent and WTI traded at $74.79 dollars and $70.17 dollars per barrel, respectively.

Traders and investors are keeping a close watch on the events that could potentially impact oil prices. For the week ahead, many traders and investors are paying close attention to the 10-year bond auction and ORCL, as well as CPI and PPI inflation. Additionally, the Fed Policy decision, Powell, LEN, and retail sales, among other factors, are also expected to have an impact on oil prices.