• +923 343206 986
  • Contact@btrams.com
  • Pakistan

Crude Oil steady as prices hike talk counters China demand hopes

Crude Oil: prices were near flat on Friday, as optimism about a possible rise in energy demand in China faded and the market weighed concerns about steep inflation.

Brent crude futures lost 12 cents to trade at $92.26 a barrel by 0219 GMT. U.S. West Texas Intermediate futures fell 4 cents to $84.47 a barrel.

Brent crude prices was on track for a weekly gain of 0.7%, while WTI was expected to fall 1.3% following a rollover in front-month contracts.

To fight inflation, the U.S. Federal Reserve is trying to slow the economy and will keep raising its short-term rate target, Federal Reserve Bank of Philadelphia President Patrick Harker said on Thursday.

“With several key Fed members taking turns at the hawk’s pulpit this week arguing for even higher interest rates, it blunted optimism from China’s reduced quarantine hopes,” Stephen Innes, managing director at SPI Asset Management said in a note.