By Administrator_ India

Capital Sands

Oil was down Friday morning in Asia but remained above $70-market after the U.S. Federal Reserve projected possible interest rate hikes earlier than expected.

Brent Oil Futures fell 0.79% to $72.50 by 12:36 AM ET (4:36 AM GMT) and Crude Oil WTI Futures slid 0.82% to $70.46.

The dollar has soared in the two sessions after the U.S. Federal Reserve expected possible interest rate hikes in 2023, curbing oil demand.

In the short term, crude demand is increasing as some countries continue their economic recovery from COVID-19 and are easing COVID-19 restrictions. However, the prospective interest rate hikes will impact the growth outlook in the long term and eventually hurt oil demand.

Meanwhile, the U.K. reported 11,007 new infections on Thursday, its biggest daily rise in the number of COVID-19 cases since Feb. 19, compared to 9,055 a day before.

On the supply side, Iranian Deputy Foreign Minister Abbas Araqchi said that talks between Iran and the U.S. to revive the 2015 Iran nuclear deal have come closer than ever to an agreement.

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