Oil prices dropped as FED looks at further rate hikes down the year
International benchmarks for crude oil sank about 1.5% on Wednesday, 14 June 2023 as the Federal Reserve signalled two more small hikes toward the end of the year
International benchmarks for crude oil sank about 1.5% on Wednesday, 14 June 2023 as the Federal Reserve signalled two more small hikes toward the end of the year as it responds to a stronger-than-expected economy and stubbornly high inflation.
Adding to the downward pressure is the 8 million barrels build-up in US commercial crude inventories last week.
Brent crude concluded at $1.09 or 1.5% lower at $73.20/barrel.
US West Texas Intermediate notched down $1.15 or 1.7%, at $68.27/barrel.