Oil prices fell more than 3% as strong US data raised fear over interest rate hikes
Oil prices fell more than 3% as strong US data raised fear over interest rate hikes
International benchmarks for crude oil fell more than 3% on Monday, 5 December 2022 after data showed an unexpected rebound in the US service sector in November while the employment rates came in stronger than expected. The bullish data once again stoke fears over the economic outlook for next year and the FED's hawkish stance.
Brent settled down $2.89 or 3.4% at $82.68/barrel.
WTI loses $3.05 or 3.8% to close at $76.93/barrel.