New York West Texas Intermediate (WTI) crude futures closed Friday (Feb. 17) for the fourth day in a row, pressured by fears regarding an economic slowdown. After US Federal Reserve officials (Fed) supported raising interest rates to control inflation.
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WTI Crude Oil Contract for March Delivery It was down $2.15, or 2.74%, at $76.34 a barrel, and was down 4.2% for the week.
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Brent crude oil contract (BRENT) for delivery in April. It was down $2.14, or 2.51%, at $83/barrel and was down 3.9% for the week.
Oil prices collapse After comments by Fed officials shattered hopes that The Fed may end interest rate hikes sooner.
St. Louis Fed President James Bullard said Thursday that He did not rule out the possibility that the Fed will raise interest rates by another 0.50% at its March meeting. and said it would be a long battle to control inflation.
Cleveland Fed President Loretta Mester said: The Fed must be prepared to continue to raise interest rates. If inflation remains at a very high level
Investors fear the Fed will raise interest rates longer than expected. following the United States disclosed higher-than-expected inflation numbers and a strong labor market
Goldman Sachs released a report expecting The Fed will raise interest rates by 0.25% three more times this year, to a maximum range of 5.25-5.50%.
By InfoQuest News Agency (February 18, 2023)
Tags: WTI oil, crude oil, oil price