Oil market extended loses despite surprised US crude stocks draw
Investors expected the FED to lift the key interest rates by 0.5 percentage points in the next meeting to curb the stubbornly high inflation, which would also impact demand.
International benchmarks for crude oil continued to trend lower on Tuesday, 8 March 2023 as concerns over the higher interest rates overshadowed the surprising draw in US commercial crude inventory. Investors expected the FED to lift the key interest rates by 0.5 percentage points in the next meeting to curb the stubbornly high inflation, which would also impact demand.
Brent dropped 63 cents to close at $82.66/barrel.
WTI fell 92 cents to close at $76.66/barrel.