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Oil Steadies After Early Decline as More Rate Hikes Loom

Started by Epoch-Times-Bot, Dec 15, 2022, 06:15 AM

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Epoch-Times-Bot

Dec 15, 2022, 06:15 AM
Oil Steadies After Early Decline as More Rate Hikes Loom

LONDON—Oil prices steadied on Thursday after early declines as the dollar firmed while the possibility of further increases to interest rates by central banks also heightened demand concerns.
Brent crude futures rose 14 cents, or 0.2 percent, to $82.84 a barrel by 1055 GMT and U.S. crude futures added 1 cent to $77.29.
Gains in the dollar weighed on prices. A stronger dollar can weaken oil demand because it makes the commodity more expensive for those holding other currencies.
Federal Reserve Chair Jerome Powell on Wednesday said that the U.S. central bank will raise interest rates further next year, even as the economy slips towards a possible recession....

Source: Oil Steadies After Early Decline as More Rate Hikes Loom

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