Oil slid as strong US economic data fueled fears of further interest rate hikes

International benchmarks for crude oil settled lower on Monday, 27 February 2023 following strong economic data from the US stoking fears that the Federal Reserve might introduce larger interest rate hikes to fight inflation. In fact, the latest report showed that US business spending on equipment picked up in January and shipments rebounded. 

However, the losses were capped by the concern over reduced supply from Russia.

Brent slipped 83 cents or 1% to close at $82.33/barrel.

WTI fell 61 cents or 0.8% to settle at $75.71/barrel.