{"id":26320,"date":"2023-06-23T01:40:23","date_gmt":"2023-06-23T05:40:23","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-sees-little-support-after-rate-hike-shock-erases-weekly-gains\/"},"modified":"2023-06-23T01:40:23","modified_gmt":"2023-06-23T05:40:23","slug":"oil-sees-little-support-after-rate-hike-shock-erases-weekly-gains","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=26320","title":{"rendered":"Oil sees little support after rate hike shock erases weekly gains"},"content":{"rendered":"
\n

Investing.com — Oil prices fell slightly in early Asian trade on Friday after a sharp tumble in the prior session as fears of rising interest rates and worsening economic conditions wiped out all gains made this week.<\/p>\n

Crude markets were nursing a 4% tumble from Thursday after the hiked rates by a bigger-than-expected margin, while reiterated the central bank\u2019s plan for more rate hikes.<\/p>\n

The losses saw crude largely reverse all gains made earlier in the week, and saw markets trade past data showing some improvement in U.S. fuel demand. <\/p>\n

futures fell 0.2% to $74.08 a barrel, while futures fell 0.2% to $69.36 a barrel by 21:35 ET (01:35 GMT). Both contracts were now set to lose over 3% each this week.<\/p>\n

Fed, inflation in focus after BoE hike rattles oil markets <\/h2>\n

A bigger-than-expected rate hike from the BoE came after data showed unexpectedly grew through May. The trend is likely to attract more hikes from the central bank, with markets raising their expectations for the BoE\u2019s terminal rate this year.<\/p>\n

The U.S. also strengthened on Thursday after the Fed\u2019s Powell and other members of the central bank said that at least two more interest rate hikes were warranted, given high inflation levels in the country.<\/p>\n

The comments, coupled with the shock BoE decision, fed into fears that economic conditions will worsen amid rising interest rates, denting oil demand this year. <\/p>\n

Fed members , , and are set to speak later on Friday, and potentially offer more cues on the path of U.S. interest rates. <\/p>\n

Markets are widely pricing in an by the Fed in July. <\/p>\n

Concerns over high inflation in the rest of the globe were also pushed up by stronger-than-expected , with a core indicator hitting a 42-year high. <\/p>\n

This saw oil markets largely disregard data showing a drop in U.S. inventories, coupled with strong fuel demand in the country.<\/p>\n

U.S. inventories shrink, fuel demand at strongest since December<\/h2>\n

Data on Thursday showed that U.S. shrank far more than expected in the week to June 16, while total fuel products supplied hit their highest level since December 2022.<\/p>\n

The readings indicated that U.S. fuel demand was heating up in tandem with the travel-heavy summer season, potentially heralding tighter oil supplies in the coming weeks.<\/p>\n

This, coupled with lower Saudi Arabian production, could tighten global oil supplies this year. But the notion was largely offset by fears of worsening demand.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — Oil prices fell slightly in early Asian trade on Friday after a sharp tumble in the prior session as fears of rising interest rates and worsening economic conditions wiped out all gains made this week. Crude markets were nursing a 4% tumble from Thursday after the hiked rates by a bigger-than-expected margin, while […]<\/p>\n","protected":false},"author":1,"featured_media":2443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-26320","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil sees little support after rate hike shock erases weekly gains | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Oil prices fell slightly in early Asian trade on Friday after a sharp tumble in the prior session as fears of rising interest rates and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=26320\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil sees little support after rate hike shock erases weekly gains | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com -- Oil prices fell slightly in early Asian trade on Friday after a sharp tumble in the prior session as fears of rising interest rates and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=26320\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-23T05:40:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/LYNXNPEC1N0KH_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"534\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=26320#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=26320\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Oil sees little support after rate hike shock erases weekly gains\",\"datePublished\":\"2023-06-23T05:40:23+00:00\",\"dateModified\":\"2023-06-23T05:40:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=26320\"},\"wordCount\":415,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=26320#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=26320\",\"url\":\"https:\/\/ifintechworld.com\/?p=26320\",\"name\":\"Oil sees little support after rate hike shock erases weekly gains | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-06-23T05:40:23+00:00\",\"dateModified\":\"2023-06-23T05:40:23+00:00\",\"description\":\"Investing.com -- Oil prices fell slightly in early Asian trade on Friday after a sharp tumble in the prior session as fears of rising interest rates and\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=26320#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=26320\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=26320#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil sees little support after rate hike shock erases weekly gains\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Oil sees little support after rate hike shock erases weekly gains | iFintechWorld","description":"Investing.com -- Oil prices fell slightly in early Asian trade on Friday after a sharp tumble in the prior session as fears of rising interest rates and","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=26320","og_locale":"en_US","og_type":"article","og_title":"Oil sees little support after rate hike shock erases weekly gains | iFintechWorld","og_description":"Investing.com -- Oil prices fell slightly in early Asian trade on Friday after a sharp tumble in the prior session as fears of rising interest rates and","og_url":"https:\/\/ifintechworld.com\/?p=26320","og_site_name":"iFintechWorld","article_published_time":"2023-06-23T05:40:23+00:00","og_image":[{"width":800,"height":534,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/LYNXNPEC1N0KH_L.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=26320#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=26320"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Oil sees little support after rate hike shock erases weekly gains","datePublished":"2023-06-23T05:40:23+00:00","dateModified":"2023-06-23T05:40:23+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=26320"},"wordCount":415,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Commodities"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=26320#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=26320","url":"https:\/\/ifintechworld.com\/?p=26320","name":"Oil sees little support after rate hike shock erases weekly gains | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-06-23T05:40:23+00:00","dateModified":"2023-06-23T05:40:23+00:00","description":"Investing.com -- Oil prices fell slightly in early Asian trade on Friday after a sharp tumble in the prior session as fears of rising interest rates and","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=26320#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=26320"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=26320#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Oil sees little support after rate hike shock erases weekly gains"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/26320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26320"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/26320\/revisions"}],"predecessor-version":[{"id":26321,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/26320\/revisions\/26321"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/2443"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}