Oil prices continued to fall as investors feared that an aggressive rate hike by the Federal Reserve would curb demand.

Oil prices continued to fall as investors feared that an aggressive rate hike by the Federal Reserve would curb demand.

Oil prices slid on Wednesday, as investors braced for another aggressive interest rate hike from the U.S. Federal Reserve that they fear could lead to recession and plunging fuel demand. The Fed is widely

Brent crude futures have been on a roller coaster ride in recent weeks, falling sharply last week only to rebound this week. However, the commodity

U.S. West Texas Intermediate crude prices were down 20 cents, or 0.2% at $83.74 a barrel. The October delivery contract expired down $1.28 on Tuesday while

The market tone remained bearish due to concerns that the aggressive monetary tightening in the U.S. and Europe would boost the likelihood of a recession and a slump in fuel demand," said Toshitaka Tazawa, an analyst at Fujit

Since oil prices have been falling in anticipation of the rate hikes, they may briefly rise after the announcements, but they are likely to return to a downward trend again on fears over weakening demand.

The Federal Reserve is widely expected to raise interest rates by 75 basis points later on Wednesday, in an effort to control inflation. This news is weighing on equity markets, as oil prices often follow the same trends.

The Bank of England is set to meet this week to discuss interest rates amid concerns over a possible economic slowdown

The stronger dollar has made oil more expensive for holders of other currencies, as the dollar neared a two-decade high on Tuesday. This has

U.S. crude and fuel stocks rose by about 1 million barrels for the week ended Sept. 16, according to the American Petroleum Institute. Gasoline inventories rose by about 3.2 million barrels, while distillate stocks rose by about 1.5 million

An API is like a there and back again

U.S. crude oil and distillate stockpiles were expected to have risen last week, while gasoline inventories were seen lower, according to a Reuters poll of

The OPEC+ producer group is now falling short of its targets by a record 3.58 million barrels per day, or about 3.5% of global demand. The shortfall highlights the underlying tightness of supply in the market, even as recession fears drag prices lower. OPEC+ has been trying to prop up prices

Aramco's president and CEO Amin Nasser said energy policies in Europe were "not helpful in the long term to finding a sustainable solution for the global energy crisis", in a speech at the world's largest oil conference in Abu Dhabi.

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