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Crude Oil Prices Trading near 74 $ Per Barrel, As Traders Is In Fears Of Hike In Interest Rates

Crude Oil: After losing more than 3% in the previous session, WTI crude oil prices continued to be under pressure on Thursday as minutes from the Federal Reserve’s most recent meeting revealed that policymakers largely agreed to keep raising interest rates to bring inflation back within target.

The likelihood of a global recession that will reduce demand is increased by tighter financial conditions. US crude inventories increased by 9.9 million barrels last week, far exceeding expectations of 1.2 barrels, according to industry data.

Expectations of tighter global supplies and rising demand from China kept prices at a reasonable level. In response to Western sanctions, Russia recently announced plans to reduce production by 500,000 barrels per day—roughly 5% of total production—in March.

In addition, market participants anticipate that China’s oil imports will reach a record high in 2023 due to rising demand for transportation fuel and the opening of new refineries.