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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq A-Awsat

HISTORICAL FACTS: Oil extends declines on rate hike concerns | History Defined

Oil Jerome Powell United States Tina Teng
A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan

Oil prices fell for a second straight session on Wednesday, driven by fears that more aggressive US interest rate hikes would hit demand, while the market awaited further clarity on inventories.

Brent crude futures dipped 22 cents, or 0.3%, to $83.07 per barrel by 0730 GMT. US West Texas Intermediate (WTI) crude futures slid 34 cents, or 0.4%, to $77.24 a barrel.

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