Oil prices slip on global economic slowdown fears.

Oil prices slipped in early Asian trade on Monday as global macroeconomic headwinds and possible further interest rate hikes from the U.S. Federal Reserves offset forecasts of tighter supplies amid OPEC+ cuts.

Brent crude futures dropped 20 cents, or 0.3%, to $75.21 a barrel by 0044 GMT after settling up 0.8% on Friday. U.S. West Texas Intermediate crude was at $70.41 a barrel, down 23 cents, or 0.3%, after closing 1.1% higher in the previous session.

Brent fell for the fourth straight quarter by the end of June while WTI notched a second quarterly drop as the world’s top two economies, the U.S. and China, lost speed in the second quarter.

Fears of a further slowdown hurting fuel demand grew after data on Friday showed U.S. inflation still outpacing the central bank’s 2% target and stoked expectations it would hike interest rates again.

Source: www.reuters.com


No comments:

Post a Comment




Popular Posts

Blog Archive

Recent Posts