Oil is set for its most significant weekly decline in 17 months due to concerns about the global economy adjusting to elevated interest rates.
Oil on track for biggest weekly fall since March
Oil prices are set to experience their most significant weekly drop since March due to a major downturn in financial markets. This downturn is driven by concerns that interest rates
Oil prices decline with a stronger dollar – surge in US Treasury yields
The rise in US Treasury yields has put a strain on oil prices, elevating the dollar to its peak against primary currencies since November.
Wall Street bank predicted the price of Brent crude could fall 20pc within months
Fuel bills for drivers may decrease in the coming months, as a prominent Wall Street bank anticipates that Brent crude prices will drop by over 20% to around $70 next
Sources indicate that the OPEC+ committee is not expected to adjust oil policy at Wednesday meeting.
When the OPEC+ panel convenes next Wednesday, they are not anticipated to adjust the present oil production policy, according to four sources familiar with the matter who spoke to Reuters.
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