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Oil prices dipped as traders weighed Middle East tensions and a partial shutdown of Libya’s Sharara oilfield. Prices were also influenced by US economic concerns and recent geopolitical events.
Recent economic data presents a mixed picture for the Federal Reserve. On one hand, the preferred inflation gauge decelerated to 2.9% in December, dropping below 3% for the first time since early 2021. On the other hand, consumer spending remains surprisingly robust, likely benefiting from the downward pressure on inflation.