Brent crude Oil trade near $90 per barrel on Friday and were on track for their fourth straight losing week, as central banks around the world raised interest rates further this week, stoking concerns about a global economic slowdown and weighing on the outlook for energy demand.
The US Federal Reserve led the charge with its third straight 75 basis point rate hike, along with increases by the Bank of England and the Swiss National Bank, among others.
A strong dollar rally driven by the Fed’s aggressive stance against inflation and safe-haven demand also dented sentiment, as it makes greenback-priced Crude oil more expensive for buyers in trade holding other currencies.
Meanwhile, oil prices were kept from further losses on Friday following reports that efforts to revive the 2015 Iran nuclear deal have stalled. Investors also monitored Russia’s partial military mobilization that could disrupt supply further, rebounding Chinese demand and the possibility of more output cuts from OPEC+.
While As WTI crude Oil futures traded near $83 per barrel on Friday and were on track for their fourth straight losing week, as central banks around the world raised interest rates further this week, stoking concerns about a global economic slowdown and weighing on the outlook for energy demand.
