Demand concerns are dragging oil prices lower this week.
Oil prices continued to trend lower in morning trade in Asia, with WTI heading toward $78 and Brent moving closer to $82.thThe Fed has repeatedly indicated that is it not done with rate hikes, which traders see as countering any growing demand from China.Demand worries outweighed supply concerns this week to push down oil prices, reinforced by heightened expectations of more U.S. rate hikes that lifted the greenback.
Instead of reacting to the draw, oil traders apparently were more concerned with other news or rather non-news: the Fed has indicated repeatedly that it is not done with rate hikes. It seems there are expectations for at least one more rate hike, to be announced next month before the Fed pauses with the inflation-control measure.
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