Oil heads for weekly loss on rate hike worries, ample supply – Reuters
- Date: 17-Feb-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Oil heads for weekly loss on rate hike worries, ample supply – Reuters
LONDON, Feb 17 (Reuters) - Oil fell 3% on Friday and was on course for a weekly decline, pressured by concerns of more U.S. Federal Reserve interest rate hikes that could weigh on demand, and signs of ample supply.
Two Fed officials on Thursday warned additional hikes in borrowing costs are essential to lower inflation to desired levels. Heightened rate hike expectations boosted the U.S. dollar, making oil more expensive for holders of other currencies.
Brent crude futures were down $2.83, or 3.3%, to $82.31 a barrel by 1411 GMT, while West Texas Intermediate (WTI) U.S. crude fell $2.88, or 3.6%, to $75.61.
Select Sector 
Select Country 
