Oil prices are not changing significantly, yet they are expected to drop by 3% for the week due to concerns over fuel demand caused by the unexpected interest rate hike in the UK and the anticipation of US rate hikes. Brent crude futures dipped by 0.1% to $74.07 a barrel while US West Texas Intermediate reduced by 0.2% to $69.40 as of 0026GMT. Despite an unanticipated decline in US oil stocks, the UK rate hike inflicted more damage on the global commodity market, prompting fears of economic slowdown and reduced fuel demand. | Subscribe To Our Free Newsletter |
