AUGAF
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
AUGAF
No Result
View All Result
Home Business

Oil prices drop in advance of expected Fed rate hike

admin-augaf by admin-augaf
September 20, 2022
in Business, International
Reading Time: 2 mins read
0
Oil prices drop in advance of expected Fed rate hike
Share on FacebookShare on TwitterWhatsapp

New York September 20 2022: Oil prices dipped on Tuesday, following other risk assets lower, as the dollar stayed strong and investors anticipated more central bank interest-rate hikes designed to quell inflation.

The U.S. Federal Reserve is likely to raise interest rates by another 75 basis points on Wednesday to rein in inflation. Those expectations are weighing on equities, which often move in tandem with oil prices. Other central banks, including the Bank of England, meet this week as well.

Higher rates have bolstered the dollar, which remained near a two-decade high against peers on Tuesday, making oil more expensive for holders of other currencies.

“The oil market is caught between downward concerns and upside hopes. The concerns are driven by the aggressive monetary tightening in the U.S. and Europe, which is increasing the likelihood of a recession and might weigh on oil demand prospects,” said Giovanni Staunovo, commodity analyst at UBS.

Brent crude futures for November settlement fell by $1.77, or 1.9%, to $90.23 a barrel at 12:44 p.m. EST (1644 GMT). U.S. West Texas Intermediate crude for October delivery was at $83.95, down $1.78. The October contract will expire on Tuesday and the more active November contract was down $1.95, or 2.3%, at $83.41.

Both Brent and WTI are on track for their worst quarterly drops in percentage terms since the beginning of the COVID-19 pandemic. Brent hit about $139 a barrel in March for its highest since 2008.

China left its benchmark lending rates unchanged on Tuesday as the world’s second-biggest oil user tries to balance sluggish economic growth against its weakening yuan currency.

U.S. crude oil stocks are estimated to have risen last week by about 2 million barrels, a Reuters poll showed. U.S. vehicle travel in July fell 3.3% from a year earlier, a second consecutive drop.

“We’re going to roll into turnaround season here so it’s neither driving season or heating season for the next six to seven weeks,” Yawger said.

A document from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia showed the group fell short of its output target in August by 3.58 million barrels per day (bpd) – about 3.5% of global oil demand.

Tags: Oil Prices
admin-augaf

admin-augaf

Related Posts

TRG Pakistan
Business

Court Cancels Greentree Pubic Offer to Acquire TRGP, Directed to Return Shares

June 20, 2025
Lucky Cement Gain 4% as Company to Start Second Buy Back from Next Week
Business

Lucky Cement Iraq Plant Fully Operational

June 20, 2025
Adamjee Insurance to Offload 16.2 Million Shares of its Life Assurance Arm
Business

Adamjee Insurance to Offload 16.2 Million Shares of its Life Assurance Arm

June 20, 2025
Fair Global Consult Fair Global Consult Fair Global Consult
ADVERTISEMENT

Recent News

TRG Pakistan

Court Cancels Greentree Pubic Offer to Acquire TRGP, Directed to Return Shares

June 20, 2025
Lucky Cement Gain 4% as Company to Start Second Buy Back from Next Week

Lucky Cement Iraq Plant Fully Operational

June 20, 2025
Adamjee Insurance to Offload 16.2 Million Shares of its Life Assurance Arm

Adamjee Insurance to Offload 16.2 Million Shares of its Life Assurance Arm

June 20, 2025
PNSC

Shahbaz Orders to Expand PNSC Fleet to Save $4bn in Foreign Outflow

June 20, 2025
UK Retail Sales Record Biggest Monthly Drop Since 2023

UK Retail Sales Record Biggest Monthly Drop Since 2023

June 20, 2025

Popular News

  • NSS

    President Prohibit National Savings For Changing Rates on Existing Certificates Retrospectively

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Appreciate against Dollar in Interbank as IMF Confirmed Board Review Date

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Fall After 13 Days of Successive Gains against Dollar on Lower Remittances and Strengthening of US Dollar

    0 shares
    Share 0 Tweet 0
  • Petrol Prices in Pakistan to Return to July 2023 Levels

    0 shares
    Share 0 Tweet 0
  • Pakistan Central Bank Issued Show Cause Notice to Eight Banks Over Currency Speculation

    0 shares
    Share 0 Tweet 0

Categories

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology
AUGAF Logo

Follow us on social media:

Recent News

  • Court Cancels Greentree Pubic Offer to Acquire TRGP, Directed to Return Shares
  • Lucky Cement Iraq Plant Fully Operational
  • Adamjee Insurance to Offload 16.2 Million Shares of its Life Assurance Arm

Category

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology

Recent News

TRG Pakistan

Court Cancels Greentree Pubic Offer to Acquire TRGP, Directed to Return Shares

June 20, 2025
Lucky Cement Gain 4% as Company to Start Second Buy Back from Next Week

Lucky Cement Iraq Plant Fully Operational

June 20, 2025
  • Home
  • Politics
  • News
  • Business
  • National
  • Finance
  • Technology
  • International

© 2021 AUGAF.

No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • Commodities
  • Contact

© 2021 AUGAF.