Oil settles lower on clues about Fed policy, rumours of Hormuz deal
4 Articles
4 Articles
Oil settles lower on clues about Fed policy, rumors of Hormuz deal
On Friday, oil prices dipped, driven by signals from the Federal Reserve and circulating rumors regarding the Strait of Hormuz. Market traders assessed the possibility of rate hikes by the U.S. Federal Reserve aimed at battling inflation. Additionally, talks of a potential agreement to reopen the Strait influenced the market dynamics, which were affected by inconsistent oil flows, as U.S. officials addressed Venezuelan crude reserves.
World oil prices fell sharply last week amid concerns about a renewed US interest rate hike and expectations of restored shipping activity through the Strait of Hormuz easing supply pressures. Oil prices fell despite escalating US-Iran tensions. Oil prices rose more than 2% after the US rejected the possibility of returning to an agreement with Iran. Asian oil prices continued their decline thanks to the prospect of reduced supply disruptions.
WTI oil prices closed down 13 cents at $83.40 per barrel, after falling more than 4% for the week. Investors are concerned that the Fed may raise interest rates and are also watching for progress on reopening the Strait of Hormuz. The post WTI Oil Closes Down 13 Cents, Investors Concerned About Fed Potential Interest Rate Raise - Hormuz Watch appeared first on Business Online Stock News.
Coverage Details
Bias Distribution
- 100% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
