Oil prices fall in anticipation of US interest rate hikes

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It is likely to increase Federal Reserve Interest rates rose another 75 basis points on Wednesday to curb inflation. These expectations weigh on stocks, which often move hand in hand with oil prices. Other central banks will also hold meetings this week, including the Bank of England.

Upload is supported interest rates The dollar, which has now hovered close to a two-decade high relative to its peers, makes oil more expensive for holders of other currencies.

Brent crude oil futures for November delivery fell $ 1.19, or 1.3 percent, to $ 90.81 a barrel by 1653 GMT.

US West Texas Intermediate crude for October delivery was $ 84.45 a barrel, down $ 1.28. Trading on the October contract will end on Tuesday, and the most active November contract fell $ 1.63, or 1.9 percent, to $ 83.73.

Brent and West Texas Intermediate are posting their worst quarterly percentage decline since the start of the Corona virus pandemic. Brent crude oil reached around $ 139 a barrel in March, its highest level since 2008.

Document shown by the alliance "OPEC +" The group did not meet its oil production targets in August, with a deficit of 3.583 million barrels per day, which represents about 3.5 percent of world oil demand.

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It is likely to increase Federal Reserve Interest rates rose another 75 basis points on Wednesday to curb inflation. These expectations weigh on stocks, which often move hand in hand with oil prices. Other central banks will also hold meetings this week, including the Bank of England.

Upload is supported interest rates The dollar, which has now hovered close to a two-decade high relative to its peers, makes oil more expensive for holders of other currencies.

Brent crude oil futures for November delivery fell $ 1.19, or 1.3 percent, to $ 90.81 a barrel by 1653 GMT.

US West Texas Intermediate crude for October delivery was $ 84.45 a barrel, down $ 1.28. Trading on the October contract will end on Tuesday, and the most active November contract fell $ 1.63, or 1.9 percent, to $ 83.73.

Brent and West Texas Intermediate are posting their worst quarterly percentage decline since the start of the Corona virus pandemic. Brent crude oil reached around $ 139 a barrel in March, its highest level since 2008.

An “OPEC +” alliance document showed that the group did not meet its oil production targets in August, with a deficit of 3.583 million barrels per day, representing about 3.5 percent of world demand. of oil.

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