Oil prices fell today in a volatile session as the Federal Reserve hiked interest rates by another 75bps. Trade was volatile today as prices had initially moved higher with news of Russian troop movements but then traded lower after today\u2019s EIA report was released. Crude inventories increased by 1.1MM\/bbls, vs a forecasted rise of roughly 500K\/bbls. Gasoline demand fell to its lowest level since February according to the EIA, averaging 8.5MM\/ bpd over the last four weeks. “The stand-out data point is the continuing weakness in gasoline demand. It’s really what’s been haunting this market,” said John Kilduff, partner at Again Capital LLC in New York. WTI traded down $1.00 or -1.2% to close at $82.94. Brent traded down $.79 or -.9% to close at $89.83.<\/p>\n\n\n\n
Oil prices fell today in a volatile session as the Federal Reserve hiked interest rates by another 75bps<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-7460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n