Crude oil rises on Fed rate hike worries

2 min read | February 11, 2022 02:13 PM AEDT | By Arpit Verma

Crude oil rises on Fed rate hike worries — Image source: © Batareykin | Megapixl.com

Slide reversal

After U.S. inflation data came, the oil prices reversed a slide prompted by the indirect talks between the US and Iran to lift US sanctions on Iranian oil.

Earlier in the week, oil prices hit seven-year highs due to ongoing political unrest in leading oil-producing nations of the world. A robust demand recovery from the pandemics has kept the inventories at significantly low levels at global fuel hubs.

Rising oil prices

The Organization of Petroleum Exporting Countries also stated that the oil demand may rise even more sharply in 2022 as the world makes a swift recovery after pandemics.

Also Read: WTI Crude surpasses US$90/bbl as frigid weather cascades across the US

Bottom Line

Crude oil prices rose on Thursday as the market weighted the possibility of an unforecast rate hike for a rapid rise in energy demand.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.