Oil prices slip after three-day rally amid demand concerns as Fed raises rates – The National

Oil prices slip after three-day rally amid demand concerns as Fed raises rates – The National

Oil prices fell on Thursday as the possibility of further interest rate increases offset growing optimism over China’s demand outlook.

Brent, the benchmark for two thirds of the world’s oil, was trading 0.56 per cent lower at $82.24 at 10.17am UAE time. West Texas Intermediate, the gauge that tracks US crude, was down 0.71 per cent at $76.73 a barrel.

Brent settled 2.5 per cent higher at $82.7 a barrel on Wednesday after the International Energy Agency (IEA) and Opec forecast a rebound in crude oil demand.