Oil market continued to soften on FED’s warning of further interest rate hikes.
International benchmarks for crude oil fell about 1% on Wednesday, 20 September 2023 after the Federal Reserve maintained key interest rates unchanged but warned that further hikes are possible.
International benchmarks for crude oil fell about 1% on Wednesday, 20 September 2023 after the Federal Reserve maintained key interest rates unchanged but warned that further hikes are possible. Weighing on the market was also the drop in Japan’s exports in August resulting from decline China’s demand for steel and heavy oil, stoking fears of a downturn.
Brent dropped 81 cents or 0.9% to close at $93.53/barrel.
WTI fell 92 cents or 1% to settle at $90.28/barrel.