Monday, March 27, 2023

Oil widens losses on rate hike fears – Usky News

msid 98505488,imgsize

Oil prices fell on Wednesday on fears that more aggressive US interest rate hikes will drag on economic growth and oil demand, sparking a bigger-than-expected decline in crude stocks.
Brent crude futures fell 0.9% to $82.55 a barrel in early trade. WTI crude futures slipped 1.3% to $76.59 a barrel. Oil prices continue to see downside pressure due to bullish comments coming from the market irrigated indicating higher interest rates,” said Andrew Lipo of consultants Lipo Oil Associates, Brent and WTI both fell more than 3% on Tuesday after Fed chief’s comments Jerome Powell That the central bank may need to raise rates more than expected.


- Advertisement -

More News

Latest NEWS

- Advertisement -