Oil moved lower on concerns over interest rate hikes

International benchmarks for crude oil settled lower on Tuesday, 6 September 2022 on the prospect of further interest rate hikes and recurrent COVID-19 lockdowns in China that curb demand recovery prospects. Meanwhile, industry experts said the 100,000 barrels per day production cuts among OPEC+ members are rather symbolic.

Brent losses $2.91 or 3% to close at $92.83/barrel.

WTI resumes trading after the US Labour Day holiday to settle at $86.88/barrel.