Oil Prices Sink As Fed Speech Looms
Crude oil prices sank on Thursday afternoon while the market was eyeing the Federal Reserve’s speech for clues about future interest rate hikes.
At 3:00 p.m., ET, WTI had slipped $1.90 per barrel (-2.00%) to $92.99, with Brent crude slipping $1.33 (-1.31%) to $99.89—sinking under $100 again.
The downward trend is just the latest swing on Thursday as the market attempts to understand the impact that a rate hike will have on crude oil demand compared to the impact that an OPEC+ production cut would have on supply.
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https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Sink-As-Fed-Speech-Looms.html
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26 Aug 2022
