Oil prices fell today as traders worried about the fuel demand outlook. After rising for three straight days, U.S. West Texas Intermediate (WTI) crude fell $1.17 per barrel to settle at $76.11 per barrel. Brent futures fell US $1.49 per barrel to settle at US$81.21 per barrel. Federal Reserve chair Jerome Powell said yesterday the U.S. central bank will raise interest rates further next year to tame inflation if necessary. Not good news for the overall market in general \u2013 the DOW got pounded today falling nearly 1,000 points at one point during the trading session before settling down -764.13 points and the NASDAQ closed down -360.36 points. The U.S. is not alone in raising interest rates to fight inflation. Today, the Bank of England and the European Central Bank raised interest rates to fight inflation. Front-month Natgas futures for January delivery rose 54.0 cents per mmBtu to settle at $6.97 per mmBtu on weather concerns and a larger-than-expected draw from storage.<\/p>\n\n\n\n
Oil prices fell today as traders worried about the fuel demand outlook. After rising for three straight days, WTI fell $1.17\/bbl to settle at $76.11\/bbl.<\/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-8196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n