Oil prices dropped on Wednesday on worries over fuel demand ahead of a U.S. Federal Reserve meeting which is expected to see the central bank to hike rates by at least 75 basis points to combat inflation.
Surging inflation has led investors and oil traders to brace for a big move by the Fed this week - what could be the largest U.S. interest rate hike in 28 years. In its monthly report, the Organization of the PetroleumExporting Countries stuck to its forecast that world oil demand will exceed pre-pandemic levels in 2022, but said Russia's invasion of Ukraine - Moscow calls is actions a"special operation" - and developments related to the coronavirus pandemic pose a considerable risk.
The relationship between oil prices and interest rate is remote. Oil prices is directly dictated by its demand / supply mechanism, hardly by monetary policy.
....
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US Jan 6 House committee postpones scheduled Wednesday hearing
Source: STForeignDesk - 🏆 4. / 71 Read more »
US and its allies are looking at limiting Russian oil revenue, says deputy Treasury chief
Source: STForeignDesk - 🏆 4. / 71 Read more »
Indonesia lowers maximum palm oil export levy to $200, but will raise it in AugJAKARTA : Indonesia on Tuesday issued regulations backing recently announced changes on palm oil export tax policy, including lowering the maximum levy rate to $200 a tonne from $375 and charging special rates for its export acceleration programme.The new rates took effect starting on Tuesday, holding unt
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Russia's oil revenue soars despite sanctions, study finds
Source: STForeignDesk - 🏆 4. / 71 Read more »
Oil bounces around as tight supply offsets China, recession fearsMELBOURNE : Oil prices seesawed in positive and negative territory on Tuesday, holding up despite recession fears and potential new COVID-19 curbs in China that could dampen demand as the market remains tightly supplied. U.S. West Texas Intermediate (WTI) crude eased 4 cents to $120.89 a barrel at 0156 GM AAustralia must Improve stocks , with max-89 Days fuel stocks all products ?. possible a small recession, will block same off your money ?(10-20% in your Bank-savings around the World ) possibility money will pay a heavy price .
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
South Korea imports no Iran crude oil for May: CustomsSEOUL: South Korea imports no Iran crude oil for May and a year ago, preliminary data from Korea Customs Service showed on Wednesday. The world’s fifth-largest crude buyer imported a total 10.8 million tonnes of crude last month against 10.9 million tonnes imported a year ago, the data also showed.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »