Oil futures tick higher on Friday but head for a weekly loss, feeling pressure on fears aggressive tightening of monetary policy by central banks will lead...
Oil futures ticked higher on Friday but headed for a weekly loss, feeling pressure from fears aggressive tightening of monetary policy by central banks will lead to a global economic slowdown.
Price action Market drivers Brent and WTI futures were both on track for weekly losses of 1.3%, with the commodity suffering alongside stocks and other assets perceived as risky following a U.S. August consumer-price index reading earlier this week that showed inflation continuing to run hotter than expected. That cemented expectations for the Federal Reserve to lift the fed-funds rate by at least another 75 basis points, or 0.75 percentage point, when policy makers meet next week.
A strong dollar, driven by expectations for aggressive Fed tightening, has also been a weight on crude and other commodities priced in the unit. A stronger dollar makes them more expensive to users of other currencies.
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