NEW YORK: Oil prices eased about 1% to a three-week low on a rising US dollar and after the US Federal Reserve (Fed) kept interest rates steady as exp...
An oil pump jack is seen near Granum, Alberta, Canada. The oil market will remain fixated with the deteriorating demand outlook, an analyst says. – Reuterspic
Interest rate increases can slow economic growth and dampen oil demand. A strong dollar makes it more expensive to buy fuel using other currencies, pressuring prices. That was the lowest settlement for Brent since Oct 6 and WTI since Aug 28. Both contracts settled below their 100-day moving averages, a key level of technical support since July.The Fed, which started raising interest rates in March 2022, held rates steady but left the door open to a further increase due to a strong US economy.
In Europe, October inflation in the eurozone was at its lowest in two years, a Eurostat flash reading showed, stoking the view the European Central Bank is unlikely to raise interest rates soon. The Bank of England is expected to meet on Thursday.
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