![]() ![]() The Federal Reserve earlier this week delivered another outsize interest rate hike and signaled it would drive rates higher than market participants had previously anticipated. “ “Geopolitical tensions in monstrous proportions, inflation at a multi-decade high and the dollar surging unabated are all certain to cause demand destruction for oil.” ” - Manish Raj, Velandera Energy Partners Global equities fell sharply Friday, with benchmark stock indexes also logging steep losses on Wall Street. Lost 3.7% to $6.828 per million British thermal units, with prices down about 12% for the week. The most actively traded December contractĭeclined $4.50, or 5%, to $85.03 a barrel.įell 5.3% to $2.383 a gallon, losing nearly 1.4% for the week, while October heating oil The global benchmark, dropped $4.31, or 4.8%, at $86.15 a barrel on ICE Futures Europe, also ending at its lowest since January, down 5.7% for the week. West Texas Intermediate crude for November deliveryįell $4.75, or 5.7%, to settle at $78.74 a barrel on the New York Mercantile Exchange, with prices for the front-month contract down 7.1% for the week, posting the lowest settlement since Jan. crude below $80 a barrel to mark the lowest finish since January, as recession fears gripped financial markets, sinking equities and government bonds, while contributing to a further rise by the U.S. ![]() Oil prices dropped sharply Friday, with U.S. ![]()
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