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Expectations of a U.S. interest rate hike have caused oil prices to fall

 Last Update: 2022-10-18
 Source: Internet
 Author: User

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According to the news of the oil price network on August 25, the price of crude oil fell on Thursday afternoon, and the market paid attention to the speech of the Federal Reserve to look for clues to future interest rate hikes
.

At 3 p.
m.
ET, WTI fell $1.
90 a barrel (-2.
00%) to $92.
99, and Brent crude fell $1.
33 (-1.
31%) to $99.
89, again falling below $
100.

This downward trend is only the latest volatility on Thursday as the market tries to understand the impact of rate hikes on crude oil demand, rather than the impact of OPEC+ production cuts on
supply.

Fed Chairman Jerome Powell will speak
at the annual Economic Policy Symposium on Friday.

Earlier this week, OPEC+ sources said the group could respond
to what Saudi oil ministers said was a disconnect between the physical crude market and the paper market.
Other OPEC+ sources confirm that OPEC+ could consider cutting production at the next meeting, although the topic is not yet officially on the agenda
.

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