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Oil prices fell on Wednesday as fears that more aggressive US interest rate hikes would pressure economic growth and oil demand outweighed a larger-than-expected draw in crude stocks.
Brent crude futures were down 0.9%, to $82.55 per barrel in early trade. WTI crude futures slipped 1.3% to $76.59 a barrel. “Oil prices are still seeing downward pressure due to the hawkish comments coming out of the Fed indicating higher interest rates,” said Andrew Lipow of consultants Lipow Oil Associates. Both Brent and WTI fell by more than 3% on Tuesday after comments by Fed chief Jerome Powell that the central bank may need to raise rates more than expected.
Brent crude futures were down 0.9%, to $82.55 per barrel in early trade. WTI crude futures slipped 1.3% to $76.59 a barrel. “Oil prices are still seeing downward pressure due to the hawkish comments coming out of the Fed indicating higher interest rates,” said Andrew Lipow of consultants Lipow Oil Associates. Both Brent and WTI fell by more than 3% on Tuesday after comments by Fed chief Jerome Powell that the central bank may need to raise rates more than expected.
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