Connect with us

Hi, what are you looking for?


Oil prices steady due to concern over rising interest rates

Oil prices steady due to concern over rising interest rates

Oil prices stayed the same as apprehensions regarding increasing interest rates and the probability of decreasing supply somewhat compensated for the international market and the anticipation of fuel usage.

Brent crude oil prices fell 34 cents, or 0.43%, to $81.32 a barrel. U.S. West Texas Intermediate crude oil fell 28 cents, or 0.36%, to $77.59.

Last week, both contracts dropped by over 5%, marking the first of five drops, as American gasoline consumption decreased versus last year.

Weaker U.S. economic data and worse-than-expected corporate earnings from the technology sector caused investors to worry. A stabilizing U.S. dollar and rising bond yields also pressure commodity markets.

Central banks from the United States to the United Kingdom and Europe are expected to raise interest rates at their May meeting to tackle expected high inflation.

China’s struggling economic recovery from the COVID-19 pandemic also weighs on the outlook for oil demand. China’s customs data released on Friday depicted record-high numbers of crude imports in March. Notably, China’s imports from Saudi Arabia and Russia, its two leading suppliers, exceed 2 million barrels a day.

Refining margins in Asia weakened due to higher output from top refiners China and India.

Analysts and traders are pricing a recovery in Chinese fuel demand for the second half of 2023 and a potential supply squeeze due to further supply cuts planned by the OPEC+ producer group from May.

EU countries are building wind farms

Seven nations — France, Germany, the Netherlands, Norway, and the United Kingdom (all of which, except the latter, belong to the European Union) — have pledged to rapidly construct wind farms, establish marine energy plants or similar renewable power generation areas, and focus on carbon sequestration and renewable hydrogen initiatives.

The purpose of this is to limit dependence on Russian gas. Last year, Norway became Europe’s biggest gas supplier after Russia cut supplies to Europe following the war in Ukraine.

The post Oil prices steady due to concern over rising interest rates appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    Rep. Jennifer Wexton (D-Va.) announced on Tuesday that she has been diagnosed with Parkinson’s Disease. “If there’s one thing that Democrats and Republicans can...

    Latest News

    After Dianne Feinstein announced she’d contracted the shingles in early March, her staff said she planned to return to the Senate within a matter...


    A U.S. District Court judge has ruled that Elizabeth Holmes, founder and CEO of the disgraced blood-testing company Theranos, cannot remain free on bail...

    Latest News

    SEOUL, South Korea — When a group of American lawmakers arrived in South Korea for meetings with government and military officials, President Yoon Suk-yeol...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2022 All Rights Reserved.