US Crude Oil Hits 9-Month Low

The price of crude oil is set to end the 4th week with a decline as the interest rate hikes affecting the world worsen expectations for the global energy outlook. US crude oil fell below 80 dollars for the first time since January.

As oil prices continued their decline this week, US crude oil fell below $ 80 for the first time since January.  The barrel price of West Texas type crude oil fell more than 2 percent this week. While the US Federal Reserve decided to raise interest rates by 75 basis points at the meeting held on Wednesday, the message was given that the recession could be tolerated to control inflation. On the other hand, some Central Banks such as the UK, Norway and South Africa followed the Fed and raised interest rates yesterday. Oil continues to move towards the first quarterly loss in 2 years amid expectations of a slowdown in the global economy. The rise in the dollar this week also makes commodities priced in dollars more expensive for investors. Nigerian Energy Minister Timipre Sylva stated that OPEC may cut oil production again if prices continue to decline. OPEC+ cut oil production this month for the first time in more than a year to prevent prices from falling due to concerns about the slowdown in the world economy. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!