Oil prices head for a 4th monthly loss in a row, as traders keep worrying about the Fed's war on inflation
futures have dropped 3.2% to $77 a barrel. The declines put the benchmarks on track to fall for a fourth consecutive month.
In February, investors returned to bracing for US interest rates to be higher for longer, after a string of positive economic data including a . That offers the Fed the scope to raise borrowing costs above 5% and then hold them there, as it tries to rein in sticky high inflation. "While better US economic data should mean better oil demand, the concern is that this forces the Fed to overtighten monetary policy to bring inflation under control," UBS analyst Giovanni Staunovo said earlier this month.
Crude's losing streak comes even though China has started to rapidly reopen its economy after nearly three years of strict zero-COVID lockdowns. Some strategists expect it could boost global demand and fuel a price rally, and Vitol CEO Russell Hardy has said it could pushBut many analysts expect oil prices to rally again once Russia starts cutting its production levels. Moscow said earlier in February that it plansin March, as Ukraine sanctions hit its ability to find willing buyers.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Win a pair of tickets to the Chuck Prophet & the Mission Express show at the Beachland BallroomGiveaway: Win a pair of tickets to the Chuck Prophet & the Mission Express show at the BeachlandCLE!
Read more »
First-week debut sales are mostly 4th-gen now, indicating a generational shift | allkpopIs the 4th-generation taking over first-week album sales now?On online forums, netizens are looking at the data from the end of last year…
Read more »
US Auto Industry Up 10% In 4th Quarter — But Down 16% Compared To Q4 2019The US auto industry is truly on the rebound. In the 3rd quarter, sales increasing 1% compared to the 3rd quarter of 2021, the first positive trend in a while. But was it just a
Read more »
NZD/USD refreshes three-month low below 0.6150 as US consumer spending fuels hawkish Fed betsNZD/USD has refreshed its three-month low below 0.6148 in the Asian session. The kiwi asset has been dumped by the market participants amid weak New Z
Read more »
Your Horoscope This Week: 26th February to 4th March, 2023It’s an ideal time to address any recent misunderstandings in your partnerships. You’ll feel more open-minded and adaptable.
Read more »
TXT's version of 'Happy Fools' released as a special 4th anniversary gift to fans | allkpopTOMORROW X TOGETHER gave fans a special gift ahead of their 4th debut anniversary.At midnight on February 28 KST, TXT's version of 'Happy Fool…
Read more »