Crude oil futures closed slightly higher on Friday (Sept. 16) but were still down for the third straight week on fears that monetary tightening by global central banks will slow the global economy and hurt oil demand.
- WTI crude futures rose 1 cent, or 0.01%, to $85.11 a barrel, but fell 1.9% for the week, dropping for the third straight week.
- BRENT crude futures rose 51 cents, or 0.6%, to $91.35 a barrel, but fell 1.6% for the week, declining for the third straight session.
The oil market was pressured by fears that aggressive monetary tightening by central banks to combat high inflation will slow the world economy and hurt energy demand.
Investors are watching the Federal Reserve’s (Fed) expected monetary policy meeting on September 20 and 21. The Fed could raise interest rates by 0.75% to 1% to curb inflation.
The International Energy Agency (IEA) has warned that global oil demand growth will stall in the fourth quarter due to slowing economies in China and the Organization for Economic Cooperation and Development (OECD) countries.
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Saturday, September 17, 2022