Oil prices eased today falling with other financial markets as bad economic data worried investors. Prices had initially traded higher in the session touching highs not seen since early December but reversed gains later in the session after bad data and hawkish comments from the Fed. Fed officials said rates would need to rise above 5% to control inflation. “Coming on the back of the weakness in retail sales, the steep drop in industrial production and news of more job lay-offs adds to fears the U.S. could already be in recession,” analysts at ING, a bank, told customers in a note. WTI traded down $.70 or .9% to close at $79.48. Brent traded down $.94 or -1.1% to close at $84.98.<\/p>\n\n\n\n
Oil prices eased today falling with other financial markets as bad economic data worried investors. WTI traded down $.70 to close at $79.48.<\/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-8529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n