Oil extended loses after FED lifted interest rates
International benchmarks for crude oil continued to fall on Wednesday, 3 May 2023 after the Federal Reserve lifted key interest rates by 0.25%, spurring concerns over the economic outlook.
International benchmarks for crude oil continued to fall on Wednesday, 3 May 2023 after the Federal Reserve lifted key interest rates by 0.25%, spurring concerns over the economic outlook. The latest report on the drop in the US commercial crude inventory failed to alleviate fears of an economic recession.
Brent lost $2.99 or 4% to settle at $72.33/barrel – The lowest since December 2021.
WTI plunged $3.06 or 4.3% to close at $68.60/barrel.