Oil prices were mostly flat for the day in another choppy session. The market is being tugged in both directions by fears of a global economic slowdown and production curbs. Fed bankers continue to insinuate further steep rate hikes which will hurt global demand and also strengthen the dollar. Federal Reserve Bank of Philadelphia President Patrick Harker said today the bank will keep raising its short-term rate target. Meanwhile, a ban on Russian crude and oil products from the EU is still looming which is supportive of prices.WTI traded up $.43 to close at $85.98. Brent traded down $.03 to close at $92.38.<\/p>\n\n\n\n
Oil prices were mostly flat for the day in another choppy session. The market is being tugged in both directions by fears of a global economic slowdown and production curbs<\/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-7727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n