Crude prices are softening amid fears an inflation report could force the Fed to tighten policy more aggressively, analyst says
Singapore — Oil prices eased on Monday after rising 2% in the previous session, as investors focused on short-term demand concerns stemming from crucial upcoming US inflation data and refinery maintenance in Asia and the US.
Additionally, the resumption of Azerbaijani oil exports on Sunday at Turkey’s Ceyhan terminal also relieved supply concerns, said analyst Tina Teng at CMC Markets. On a weekly basis, the Brent and WTI contracts rose more than 8% last week, buoyed by optimism over demand recovery in China, the world’s top crude importer and second-largest oil consumer, after Covid-19 curbs were scrapped in December.
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