Oil prices nudged down by 2% on potentially further interest rate lifts
International benchmarks for crude oil depressed about 2% on Tuesday, 27 June 2023, as central banks hinted on further plight as banks may yet introduce additional interest rate lifts
International benchmarks for crude oil depressed about 2% on Tuesday, 27 June 2023, as central banks hinted on further plight as banks may yet introduce additional interest rate lifts to counter the obstinate inflation levels.
EU Central Bank President Christine Lagarde said on Tuesday that banks may not disclose the end date for interest hikes as inflation remains high. The consensus is to increase the pace with interest rates, despite the economy in Europe slowing down. Stronger US consumer confidence in June suggested the FED will have to continue raising the rate to slow the overall economy with two more hikes planned for the year.
Brent crude dipped by $1.92 or 2.6% at $72.26/barrel.
US West Texas Intermediate went down $1.67 or 2.4%, now at $67.70/barrel.