SINGAPORE : Oil prices were little changed on Tuesday, after rising in the previous session, on concerns that interest rate hikes in the United States to tame inflation will curb economic growth and fuel demand in the world's biggest crude consumer.
The dollar rose against major currencies on Monday ahead of a slew of central bank meetings this week led by the U.S. Federal Reserve, which is likely to raise interest rates by another 75 basis points to tackle inflation. The U.S. Energy Department will sell up to 10 million barrels of oil from the Strategic Petroleum Reserve for delivery in November, extending the timing of a plan to sell 180 million barrels from the stockpile to tame fuel prices.
Source: Loan Digest (loandigest.net)
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