Tech Times Daily

U.S. oil futures settle at their lowest in nearly 2 weeks

Oil futures declined on Tuesday, with U.S. benchmark prices settling at their lowest in almost two weeks. “A strong U.S. dollar, rising yields and concerns over demand as the global economy slows is weighing on crude oil prices again,” said Michael Hewson, chief market analyst at CMC Markets UK. Markets are gearing up for “multiple rate hikes this week from the Federal Reserve, Bank of England and Swiss National Bank,” he said. “Fears over tight [oil] supply aren’t having the supportive effect on prices that [we] would normally expect, however it also means they probably won’t dip too far either.” October WTI crude fell $1.28, or 1.5%, to settle at $84.45 barrel on the New York Mercantile Exchange on the contract’s expiration day. That was the lowest finish for a front-month contract since Sept. 8, FactSet data show. The November contract , which became the front month at the end of the session, settled at $83.94, down $1.42, or 1.7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit for more information on this news.

Previous post Beyond Meat suspends executive in wake of ‘nose-biting’ charges
Next post Bitcoin, Ether prices fall sharply after hot US inflation data
Generated by Feedzy