Reported 5 months ago
Oil prices dropped as the Federal Reserve's hawkish stance on interest rates led to a selloff in equities, with West Texas Intermediate falling by 1.4% to settle below $78. Despite earlier losses, oil recovered slightly due to rising gasoline demand and lower-than-expected US crude inventories. However, concerns over rising stockpiles and weak physical market indicators continue to weigh on prices, which have remained within a narrow range this month. Global benchmark Brent, up 6% this year, faces supply cuts and geopolitical risks, but prices have cooled since mid-April.
Source: YAHOO