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Crude oil closes lower due to worries about an interest rate hike by the U.S. Federal Reserve

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

Updated at


Crude Oil




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