Oil prices fall amid demand worries
Sep 16, 2022
New York [US], September 16:Oil prices dropped on Thursday as demand worries prevailed.
The West Texas Intermediate (WTI) for October delivery decreased 3.38 U.S. dollars, or 3.8 percent, to settle at 85.1 dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery lost 3.26 dollars, or 3.5 percent, to settle at 90.84 dollars a barrel on the London ICE Futures Exchange.
The pullback came as a hotter-than-expected U.S. inflation report released earlier this week spooked investors that the Federal Reserve is likely to tighten policy more aggressively, which would damage the economy and harm the demand for energy.
The U.S. dollar held near recent peaks, driven by the Fed's rate hike expectations, also weighing on oil prices.
In its monthly report published on Wednesday, the International Energy Agency said "growth in global oil demand continues to decelerate," amid a deteriorating economic environment.
Source: Xinhua
