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Oil Falls, Still Set for Weekly Gain on Demand Hopes

Started by Epoch-Times-Bot, Dec 16, 2022, 07:45 AM

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Epoch-Times-Bot

Dec 16, 2022, 07:45 AM
Oil Falls, Still Set for Weekly Gain on Demand Hopes

LONDON—Oil fell on Friday as the market assessed the aftermath of interest rates hikes by central banks, but was poised for a weekly gain amid supply disruption concerns and hopes for a recovery of demand in China.
Brent crude futures were down $1.56, or 1.9 percent, to $79.65 per barrel at 1200 GMT. West Texas Intermediate futures slipped $1.43, or 1.9 percent, to $74.68.
Both benchmarks fell 2 percent in the previous session as the dollar strengthened and central banks in Europe raised interest rates.
“The tighter monetary policy is already having an impact on industrial activity. The prospect of further tightening following hawkish comments from policy makers weighed on sentiment,” said analysts from ANZ Research in a note on Friday....

Source: Oil Falls, Still Set for Weekly Gain on Demand Hopes

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