Samson: Oil prices fell for the fourth day
07/25/2022 08:17:09
Oil prices fell, today, Monday, to continue the recent series of losses, amid fears that an expected rise in US interest rates would weaken demand for fuel.
Brent crude futures for September settlement fell 75 cents, or 0.73 percent, to $102.45 a barrel, down for a fourth day. US West Texas Intermediate crude futures for September delivery fell 82 cents, or 0.87%, to $93.88 a barrel, also down for a fourth day.
Oil futures have been volatile in recent weeks as traders have tried to juggle the prospects of an interest rate hike, which could curb economic activity and thus reduce demand growth for the fuel, against a lack of supply from disruptions in the circulation of Russian barrels due to Western sanctions.
Federal Reserve officials indicated that the central bank is likely to raise interest rates by 75 basis points at its meeting on July 26-27.
China, the world’s second-largest economy, posted weak growth in the second quarter of just 0.4% year-on-year, weighed down by the COVID-19 shutdown, weak real estate sector and cautious consumer sentiment. LINK
