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Oil falls, affected by demand concerns, and good sanctions on Iran limit the decline
Shafaq News/ Oil prices fell on Friday, affected by demand concerns, in the wake of this week's interest rate hike, but new sanctions on Iran limited the decline.
Brent crude futures fell 47 cents, or 0.4 percent, to 119.34 a barrel, while West Texas Intermediate crude futures fell 57 cents, or 0.5 percent, to $117.02 a barrel.
If the price decline continues, Brent crude futures will record the first weekly decline in five weeks, while US crude futures will record the first loss in eight weeks.
Central banks across Europe raised interest rates on Thursday, and some of the hikes shocked markets and signaled higher borrowing costs to counter soaring inflation that is putting pressure on corporate profits and squandering savings.
The wave of interest rate hikes comes on the heels of the US central bank raising interest rates by 75 basis points this week, the highest rate since 1994.
But investors remained focused on lower supplies after the United States announced new sanctions against Iran.
On Thursday, the United States imposed sanctions on Chinese and Emirati companies and a network of Iranian companies that helped export Iranian petrochemical products, in a move that may aim to increase pressure on Iran to revive the 2015 nuclear deal.
[You must be registered and logged in to see this link.]
Brent crude futures fell 47 cents, or 0.4 percent, to 119.34 a barrel, while West Texas Intermediate crude futures fell 57 cents, or 0.5 percent, to $117.02 a barrel.
If the price decline continues, Brent crude futures will record the first weekly decline in five weeks, while US crude futures will record the first loss in eight weeks.
Central banks across Europe raised interest rates on Thursday, and some of the hikes shocked markets and signaled higher borrowing costs to counter soaring inflation that is putting pressure on corporate profits and squandering savings.
The wave of interest rate hikes comes on the heels of the US central bank raising interest rates by 75 basis points this week, the highest rate since 1994.
But investors remained focused on lower supplies after the United States announced new sanctions against Iran.
On Thursday, the United States imposed sanctions on Chinese and Emirati companies and a network of Iranian companies that helped export Iranian petrochemical products, in a move that may aim to increase pressure on Iran to revive the 2015 nuclear deal.
[You must be registered and logged in to see this link.]
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