Investors are closely watching export cuts from Russia, which decided to trim oil output by 500,000 bpd in March
London — Oil fell for a fourth session on Friday, heading for its biggest weekly loss in five weeks on worries about the prospect of steep interest-rate hikes in the US hitting fuel demand.
Expectations of further rate hikes in the world’s largest economy and in Europe have clouded the global growth outlook and driven both crude benchmarks down more than 5% so far this week, their worst drop since early February.US Federal Reserve chair Jerome Powell has warned of higher and potentially faster rate hikes, saying the Fed was wrong in initially thinking inflation was “transitory”.
On the supply side, the US was reported to have privately urged some commodity traders to shed concerns about shipping price-capped Russian oil in a bid to shore up supply, which suggested more Russian oil might flow into the market.
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