OIL PRICES RISE AMID EXPECTATIONS OF SMALLER US INTREST RATE HIKE

  • 16/07/2022

Kuwait City: Oil prices rose on Friday, amid expectations of a milder US interest rate hike, but concerns about a recovery in demand limited gains.


Brent crude futures for September delivery rose $1.25, or 1.3 percent, to $100.35 a barrel.

West Texas Intermediate crude futures rose 90 cents, or 0.9%, to $96.68 a barrel.

The Federal Reserve's more hawkish monetary policy makers said on Thursday that they were leaning toward another 75 basis point rate hike at the Fed's monetary policy meeting this month, not as much as traders were quick to prepare for after it showed Wednesday's report that inflation is accelerating.

Uncertainty related to interest rate hikes and weak economic data pushed both benchmarks lower on Thursday and dipped below their closing level on Feb. 23, a day before Russia invaded Ukraine.

However, both crudes made up for their losses by the end of the session.

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