Oil prices below $100 ahead of potential large US rate hike

July 14, 2022

- Oil prices have tumbled in past two weeks on recession concerns

By Anadolu Agency

ANKARA (AA) - Oil prices were steady on Thursday as US gave the signals of a huge rate hike and gains were limited by a US supply report showing rising inventories.

International benchmark Brent crude was trading at $99.57 per barrel at 9.20 a.m. local time (0620 GMT) same level as the previous session's closing.

American benchmark West Texas Intermediate (WTI) was also at the same level of Wednesday's closing, trading at $96.31 per barrel.

US stocks opened lower Wednesday as consumer inflation climbed higher. Annual consumer inflation rose 9.1% in June, higher than estimates of 8.8%, according to the Labor Department.

Higher inflation could trigger more aggressive moves by the Federal Reserve, as the US central bank can now make an interest rate hike of 100 basis points July 27, higher than the rate increase of 75 basis points that the market anticipated before the numbers were released Wednesday.

Market players are keeping a tight eye on US President Joe Biden's travel to the Middle East, where he is anticipated to urge Saudi Arabia and other Gulf producers to increase their oil supply in order to support price stability.

Energy Information Administration said in its July Short-Term Energy Outlook that energy markets are subject to heightened uncertainty resulting from a variety of factors, including Russia’s ongoing war on Ukraine.

Oil prices below $100 ahead of potential large US rate hike

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