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Oil prices slump as investors fear Fed rate hikes will hurt demand

The Star Business LogoThe Star Business1w ago

Oil prices slump as investors fear Fed rate hikes will hurt demand

Quick Summary

NEW YORK: Oil prices dropped by nearly US$2 a barrel on Thursday after another round of remarks from Federal Reserve Chair Jerome Powell fanned worries U.S.interest rate hikes wouldslow economic growth.

Powell said the Fed's focus on curbing inflation was "unconditional" and the labor market was unsustainably strong, comments that stoked fears of more rate hikes.

Brent crude LCOc1 futures settled at $110.05 a barrel, falling$1.69, or 1.5%.U.S.


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Article Details

Author / Journalist: The Star Online

Category: Economy

Topics: Brent Energy Interest rate Oil price /Business/Business News West Texas Intermediate Oil Fed WTI

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-24, 05:23:00

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Reading Time: 3 minutes read

Article Length: 400 words

Coverage Area: Malaysia

Availability: Desktop Web, Mobile Web

News ID: 6448

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About The Star Business

The Star Business Logo

Main Topics: Economy

Official Website: thestar.com.my

Update Frequency: 17 posts per day

Year Established: 1971

Headquarters: Malaysia

News Last Updated: 20m ago

Coverage Areas: Malaysia

Ownership: Independent Company

Publication Timezone: GMT +8:00

News Language: English

RSS Feed: Available (XML)

Website Security: Secure (HTTPS)

Publisher ID: #22

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