Oil weakens on demand concerns as focus turns to U.S. Federal Reserve
Oil rose on Thursday as tighter supply resulting from Saudi Arabia’s pledged production cut and a potential pause to U.S. interest rate hikes offset worries over demand weakness and a global economic slowdown.
“With the OPEC+ meeting out of the way, focus is now shifting towards the next move the Fed will make when it meets next week,” said Tamas Varga of oil broker PVM. Still, a surprise rate increase in Canada gave investors their second reminder of the week that the surge in global interest rates is not done yet.
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