Oil prices were down today, as China stands by its zero Covid policy. Markets also were weighed down today by yesterday’s Fed decision and subsequent press conference. Comments from the Fed chair raised fears of a global recession that would hurt fuel demand. Rising rates are also pushing the dollar higher. “Oil is battling both a weakening global economic outlook and a surging dollar. It seems these bearish drivers won’t be easing up anytime soon,” said Edward Moya, senior market analyst at data and analytics firm OANDA. Unemployment also fell last week unexpectedly, which is normally good news but may make the Fed feel like they have more room to tighten. WTI was down $1.83 or -2% to close at $88.17. Brent traded down $1.49 or -1.5% to close at $94.67<\/p>\n\n\n\n
Oil prices were down today, as China stands by its zero Covid policy<\/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-7866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n