Reported 5 months ago
Oil prices fell for the fourth consecutive day as concerns over potential U.S. interest rate hikes due to rising inflation weighed on the market. Brent crude futures dropped by 0.3% to $81.63 a barrel, while U.S. West Texas Intermediate crude futures were down 0.5% at $77.14. The Federal Reserve's meeting minutes suggested a possibility of further rate hikes if inflation risks materialize, impacting oil demand. Additionally, an increase in U.S. crude stocks and soft refinery demand globally added pressure to the market. Russia also reported exceeding its OPEC+ production quota in April.
Source: YAHOO