Commodities retreat on an easing of supply concerns and ahead of a US Federal Reserve meeting expected to increase interest rates. After downward pressure on oil prices started last week, both West Texas Intermediate and Brent crude fell to under $100 on Tuesday, amid ceasefire negotiations between Russia and Ukraine, and thanks to an easing of supply concerns.
In addition, the latest COVID-19 surge in China has led to lockdowns for millions and could further lessen demand for energy supplies as spring arrives in the northern hemisphere.
All this follows a 14-year high of almost $130 per barrel reached at the beginning of March.
At US market close, oil futures fell as West Texas Intermediate futures contract lost $6.57, or 6.4%, to settle at $96.44 a barrel on the New York Mercantile Exchange. May Brent crude lost $6.99, or 6.5%, to settle at $99.91 a barrel on ICE Futures Europe.In the energy […]
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