Oil market fell to three-week lows on renewed interest rates concerns
International benchmarks for crude oil fell sharply on Friday, 3 February 2023 after a strong job report in the US stoked fear among investors that the FED might lift interest rates further.
International benchmarks for crude oil fell sharply on Friday, 3 February 2023 after a strong job report in the US stoked fear among investors that the FED might lift interest rates further. Higher borrowing costs in the US and the EU would slow down the economy, hence, impacting demand for oil.
Brent dropped $2.23 or 2.7% to close at $79.94/barrel.
WTI loses $2.49 or 3.3% to close at $73.39/barrel.