Market News : Crude oil prices eased from two-week highs approaching $79 per barrel as worries that the US Federal Reserve will tighten monetary policy even more to contain inflation outweighed Russia’s intention to restrict output in retaliation for western sanctions.
As the US labour market remains robust, a number of Fed officials reiterated last week that they are committed to lowering inflation through additional rate hikes, dispelling hopes that this tightening cycle would soon come to an end.
Investors are now anticipating Tuesday’s critical US inflation report for new indications regarding the Fed’s policy intentions.
As a result of Russia’s announcement that it would reduce output by 500,000 barrels per day in March, or approximately 2%, the US oil benchmark increased more than 2% on Friday, extending the week’s gains to almost 9%.
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