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Oil is declining and expectations of an interest rate hike in America erase the impact of the decline in inventories
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Baghdad today - follow-up
Oil prices fell in early Asian trading, today, Thursday (September 21, 2023), after recording the largest decline in a month in the previous session, as expectations of raising interest rates in the United States erased the impact of the decline in crude inventories in the country.
Brent crude futures for November delivery fell 67 cents, or 0.72 percent, to $92.86 a barrel by 0313 GMT, while US West Texas Intermediate crude futures fell 71 cents, or 0.79 percent, to $88.95, the lowest level since September 14.
“The Federal Reserve kept interest rates unchanged at yesterday’s FOMC meeting, as was widely expected,” ING analysts said in a note to clients. “However, it is still viewed as a temporary pause in tightening, which puts... Some pressure on risky assets" such as oil.
The US Central Bank maintained interest rates and at the same time adhered to a tightening policy, which means that there is an expected increase in interest rates before the end of the year.
Adherence to the tightening policy led to the dollar rising to its highest level since the beginning of March, which put downward pressure on oil prices, as the strength of the dollar usually makes primary commodities such as oil more expensive for buyers than holders of other currencies.
Energy markets showed little reaction to data issued by the US Energy Information Administration yesterday, Wednesday, which showed a decline in crude oil inventories last week, in line with expectations.
The data showed a decline in inventories by 2.14 million barrels last week.
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