Lower inventories and cuts in Russian gas flows to Europe offset concern about weaker demand and a US interest rate hike
Lower inventories and cuts in Russian gas flows to Europe offset concern about weaker demand and a US interest-rate hikeLondon — Oil rose by $1 a barrel on Wednesday as a report of lower inventories in the US and cuts in Russian gas flows to Europe offset concern about weaker demand and a looming US interest-rate hike.
“Coupled with the Fed decision on interest rates, today is sure to be a heavy US-centric session,” said Stephen Brennock of oil-broker PVM. “It looks the more vulnerable from a technical perspective, and a large gain by official US crude inventories tonight could spark more selling,” said Singapore-based analyst Jeffrey Halley of brokerage Oanda, referring to WTI.
Since then, concerns of economic slowdown and rising interest rates have weighed, despite supply outages in Libya and Nigeria and cuts in Russian gas flows to Europe.
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