Saturday, October 28, 2023

Oil market finds relief amidst concerns over rate hikes

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Oil prices stabilized on Thursday despite rising inventories in the US, the world’s largest oil consumer. The passing of a crucial vote on the US debt ceiling bill and a potential pause in US interest rate hikes helped offset the negative impact of the rising inventories. Brent crude futures fell by 0.14% to $72.50 a barrel, while US West Texas Intermediate crude rose by 0.1% to $68.16. However, mixed demand indications from China, the world’s biggest oil importer, and industry data showing a rise in US crude inventories have weighed on the market.

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