Oil Falls on Fears That Higher Fed Rates Will Hit Demand
02.15.2023 By TankTerminals.com - NEWS

February 15, 2023 [Barron’s] – Oil prices declined on Monday on concerns that inflation data this week may encourage the Federal Reserve to keep interest rates higher, weakening energy demand.

 

West Texas Intermediate WBS00 –1.87% , the U.S. benchmark, slipped 1% to $78.92 a barrel. Brent crude BRN00 –1.70% , the international standard, was down 0.89% at $85.60 a barrel.

The Fed’s aggressive campaign of raising interest rates over the past year has dampened prospects for energy demand this year. The International Monetary Fund expects global economic growth to slow significantly.

On the other hand, crude prices may be propped up by tight demand. Oil gained more than 8% last week as Russia said it would cut output by 500,000 barrels a day in retaliation for sanctions from Western nations after it invaded Ukraine. The Organization of the Petroleum Exporting Countries agreed to lower output last October.

 

Book a demo to see how to offer, bid and book tank capacity globally.

Quick and easy.

China Exports More Fuel Than Expected
03.22.2023 - NEWS
March 22, 2023 [Energy Intelligence] – China’s combined exports of gasoline, diesel a... Read More
Why Brazil Looks to Boost Oil Refining Capacity
03.22.2023 - NEWS
March 22, 2023 [bnamericas] – After years of relative stagnation, Brazil is likely to resum... Read More
Iraq and UAE Spearhead Downstream Expansion
03.22.2023 - NEWS
March 22, 2023 [OilPrice.com] – Oil markets have been affected by financial market challeng... Read More
Sempra, ConocoPhillips Partner to Launch Port Arthur LNG Project in South Texas
03.22.2023 - NEWS
March 22, 2023 [World Oil] – Sempra announced that its 70%-owned subsidiary, Sempra Infrast... Read More