Monday, March 4, 2024

Oil fell 2% after interest rate hikes


Oil prices fell more than $ 3 a barrel on Wednesday as markets worried about falling demand following the US Federal Reserve raising interest rates by three-quarters.

Brent crude for August delivery ended the trading session at $ 2.7 or 2.2 percent, after falling to $ 117.75 during the session, at $ 118.51 a barrel.

The US benchmark West Texas Intermediate crude for July delivery fell $ 3.62 or 3.04 percent to $ 115.31 a barrel after falling to $ 114.60 during the session.

The biggest increase in US interest rates since 1994 sent the dollar to higher levels, bringing its index to its highest level since 2002. The rise of the green coin will push up the price of oil in dollars for holders of other currencies, which will reduce demand. .

The U.S. Energy Information Administration said Wednesday that crude oil reserves in the U.S.’s strategic oil reserves fell to an all-time low last week, and that crude oil reserves fell 7.7 million barrels a week, according to government agency data. 511.61 million barrels, ending June 10, the lowest since January 1987.

The U.S. Energy Information Administration said Wednesday that U.S. oil and distillation inventories were higher last week and gasoline stocks were lower.

Last week, U.S. refinery companies’ crude oil consumption fell 67,000 barrels per day, refinery operating rates fell 0.5 percentage points, and energy information management data showed that U.S. petrol stocks fell 700,000 barrels to 217.5 million barrels. Distillation stocks, including diesel and heating oil, rose 1.1 million barrels, up 700,000 barrels to 109.7 million barrels, against expectations of an increase of 300,000 barrels, while net U.S. crude oil imports fell to 1,0062,062 last week. 3.26 million barrels per day.

See also  Global Dental Implants Market 2022 PostCovit-19 Opportunities Earnings Value (Mn USD) || DENTCA, Caiyu Dentistry, Dentsply Sirona


Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:


More like this

The Future of Gambling in the UAE: Economic, Legal, and Social Dimensions

The United Arab Emirates (UAE) is on the brink...

Comparing the Best Trading Platforms in the UAE: Features and Benefits

Trading commodities, currency pairs, ETFs, and other investment vehicles...

Evgenia Timofeenko: What does it mean to be an investor in the hotel business?

Investors are always interested in finding effective objects for...

AFC Champions League 2023/24: Last-16 Fixtures, Latest Odds & Preview

The 2023/24 AFC Champions League group stage has been...