Oil fell today in volatile trade as the impact of tighter U.S. crude stocks due to a winter storm in the U.S. was outweighed by fears that Federal Reserve interest rate hikes and China’s rising COVID-19 cases would dent demand. U.S. West Texas Intermediate crude futures settled at $77.49 per barrel, falling by 80 cents per barrel (-1%). Brent crude futures settled at US$80.98 per barrel, losing US$1.22 per barrel on the trading day, or (-1.5%). Both benchmarks were up by more than $1 per barrel earlier in the trading session. Oil gave up its daily gains after the release of U.S. economic data showed the number of people filing new claims for unemployment benefits increased less than expected last week and the economy rebounded faster than previously estimated in the third quarter –not good news for interest rate hikes but good news for the people looking for work out there!