NEW YORK: Oil prices gained more than US$2 a barrel on Thursday (Nov 2), breaking a three-day declining streak as risk appetite returned to financial ...
Oil investors have been closely following the US Federal Reserve’s policy decisions, concerned that aggressive interest rate increases could slow down the economy and dent energy demand. – AFPpic
Brent crude futures rose US$2.22, or 2.6%, to settle at US$86.85 a barrel, while US West Texas Intermediate crude futures gained US$2.23, or 2.8%, to close at US$82.67 a barrel Oil investors have been closely following the Fed’s policy decisions, concerned that aggressive interest rate increases could slow down the economy and dent energy demand.
The Bank of England held interest rates at 15-year highs of 5.25% at its latest meeting on Thursday, the second straight month of steady rates after 14 back-to-back hikes.“Still, it looks clear at this point that the BoE is, like many of its peers, done with the tightening cycle and it’s now a case of how long it remains at the peak,” said Craig Erlam, analyst at Oanda.
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