“Why Oil Prices Are Falling: Impact of Possible US Rate Hike on Crude Demand”

2023-04-19 12:00:29

Oil prices were down on Wednesday, weighed down by concerns regarding a possible hike in key rates in the United States, which might impact demand for crude.

The barrel of Brent from the North Sea for delivery in June dropped 1.95% to 83.12 dollars. Its American equivalent, a barrel of West Texas Intermediate (WTI), for delivery in May, lost 1.99% to 79.25 dollars.

According to recent figures from the federation of professionals in the sector, the American Petroleum Institute (API), crude stocks had fallen by 2.7 million barrels last week, and those of gasoline by one million barrels.

In addition, according to the median of a consensus compiled by Bloomberg, analysts expect a drop of 250,000 barrels in commercial crude reserves and 1.25 million barrels of gasoline.

With MAP

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