The Fed’s position that it will “prioritize taming inflation even at the cost of a recession did not exude any confidence in an already shaky market,” said Raj. “To make matters worse, oil supply remains unabated, particularly with Russian oil being gobbled up without constraints.” The Federal Reserve earlier this week delivered another outsize interest rate hike and signaled it would drive rates higher than market participants had previously anticipated. “ “Geopolitical tensions in monstrous proportions, inflation at a multi-decade high and the dollar surging unabated are all certain to cause demand destruction for oil.” ” - Manish Raj, Velandera Energy Partners Global equities fell sharply Friday, with benchmark stock indexes also logging steep losses on Wall Street. ![]() Lost 3.7% to $6.828 per million British thermal units, with prices down about 12% for the week. The most actively traded December contractĭeclined $4.50, or 5%, to $85.03 a barrel.įell 5.3% to $2.383 a gallon, losing nearly 1.4% for the week, while October heating oil The global benchmark, dropped $4.31, or 4.8%, at $86.15 a barrel on ICE Futures Europe, also ending at its lowest since January, down 5.7% for the week. West Texas Intermediate crude for November deliveryįell $4.75, or 5.7%, to settle at $78.74 a barrel on the New York Mercantile Exchange, with prices for the front-month contract down 7.1% for the week, posting the lowest settlement since Jan. ![]() crude below $80 a barrel to mark the lowest finish since January, as recession fears gripped financial markets, sinking equities and government bonds, while contributing to a further rise by the U.S. Oil prices dropped sharply Friday, with U.S.
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