Oil market resumed falling on the prospect of further interest rate hikes
International benchmark for crude oil on Wednesday, 10 May 2023 dropped more than a dollar a barrel following a three-day upturn as the latest US CPI data points to the possibility
International benchmark for crude oil on Wednesday, 10 May 2023 dropped more than a dollar a barrel following a three-day upturn as the latest US CPI data points to the possibility that the Federal Reserve might resort to further interest rate hikes.
Brent crude fell $1.03 or 1.3%, currently levelled at $76.41/barrel while West Texas Intermediate stooped $1.15 or 1.6% to close at $72.56/barrel.
US consumer prices picked up in April, carrying the potential likelihood that the FED will maintain the higher interest rates causing concern among traders. Also playing into prices this session was that US crude inventories garnered a build-up of 3 million barrels last week while data showed China's export growth slowed.