Oil prices fall more than 2% on interest rate hike concerns By Reuters

2023-06-27 23:30:19

© Reuters.

By Stephanie Kelly

NEW YORK (Reuters) – Currency prices fell more than 2% on Tuesday on signs that central banks may not stop raising interest rates as investors awaited data that could shed light on consumption. of fuel in the US during the peak summer season.

Crude oil fell 1.92, or 2.6%, to settle at $72.26 a barrel. WTI retreated $1.67, or 2.4%, to settle at $67.70.

Both contracts are trading broadly within a $10 range charted since early May.

Craig Erlam, an analyst at Oanda, said prices are mostly at the mercy of “ever-changing expectations of interest rates”.