Oil headed for a third straight monthly loss as traders awaited clues on China's economic recovery, the latest guidance from cautious OPEC+ producers and Wednesday's monetary policy decision from the Federal Reserve.
Oil headed for a third straight monthly loss as traders awaited clues on China's economic recovery, the latest guidance from cautious OPEC+ producers and Wednesday's monetary policy decision from the Federal Reserve.
Investors are positioning ahead of expected rate hikes this week from the U.S. and European central banks, leading to risk-off sentiment in equities and a surge in the dollar. A strengthening dollar makes commodities priced in the greenback more expensive for holders of other currencies, curbing demand.
In the U.S., the Federal Reserve is expected to raise interest rates at its first meeting of 2023 on Wednesday, though policymakers are seen dialing back the size of the increase with a quarter percentage point hike. That, and comments from Chair Jerome Powell, may signal that the bank is close to ending its tightening cycle.WTI for March delivery fell 1.5 per cent to US$76.71 a barrel at 10:39 a.m. London time, taking its decline for the month to 4.
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