Oil fell more than $2/barrel as FED signalled more aggressive rate hikes
International benchmarks for crude oil plunged sharply on Tuesday, 7 March 2023 after the Federal Reserve signalled more aggressive key interest rate hikes...
International benchmarks for crude oil plunged sharply on Tuesday, 7 March 2023 after the Federal Reserve signalled more aggressive key interest rate hikes than initially expected as inflation remained stubbornly high. Investors are expecting another 0.5 percentage point increase in the next meeting, which has detrimental implications on the demand.
Brent dropped $2.89 to close at $83.29/barrel.
WTI dived $2.88 to close at $77.58/barrel.