Crude oil futures closed lower on Thursday (July 14) as markets were pressured by fears that the U.S. Federal Reserve’s accelerated rate hike will lead to a recession and hurt oil demand.
- WTI crude futures were down 52 cents, or 0.5%, at $95.78 a barrel.
- BRENT crude futures were down 47 cents, or 0.5%, at $99.10 a barrel.
The chairman of the St. Louis Fed has indicated that the Fed could raise interest rates by more than 0.75% or even 1% at its meeting this month. The U.S. inflation figures were above expectations.
The U.S. Bureau of Labor Statistics reported that the Consumer Price Index (CPI) rose 9.1% in June from a year earlier, the highest level in 40 years.
Crude oil contracts were affected by the appreciation of the dollar. The dollar index rose 0.53% against the six major currencies in a basket of currencies to 108.5420.
The market is also being pressured by fears that China’s ongoing strict measures to curb the spread of COVID-19 in many cities will hurt oil demand.
The Spot Market is Open
Friday, July 15, 2022
| Energy Updated at | USD Price | Change | %Change |
| Crude Oil 10.45 | 96.41 | +0.63 | +0.66% |