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Brent Crude: futures fell nearly 2% to below $120 per barrel on Monday, sliding for the third straight session, as investors weighed the prospect of further US interest rate hikes to combat surging inflation and the potential for more Covid curbs in China.

US inflation unexpectedly accelerated to a fresh 40-year high of 8.6% last month, raising the likelihood of more aggressive rate hikes from the Federal Reserve.

US gasoline prices also averaged more than $5 a gallon for the first time on Saturday, extending a surge in fuel costs that is driving rising inflation. Goldman Sachs reiterated on Friday that energy prices need to rally further before achieving the demand destruction required for market rebalancing.

Meanwhile, major Chinese cities are still battling against rising virus cases as the world’s biggest crude importer navigates a bumpy return from lockdowns.

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