Oil prices fell on Tuesday amid fears that further potential interest rate hikes in the US would lower demand, outweighing concerns that a tropical storm off the US Gulf Coast could affect supplies.<\/p>\n\n\n\n
And by 0640 GMT, Brent crude fell 19 cents, or 0.2 percent, to $ 84.23 a barrel, while US West Texas Intermediate crude fell 24 cents, or 0.3 percent, to $ 79.86.<\/p>\n\n\n\n
Investors are looking forward to important data from the US economy later this week that will help determine the course of interest rates this year and next.<\/p>\n\n\n\n
Federal Reserve Chairman Jerome Powell said on Friday that the bank may have to raise interest rates further to calm inflation.<\/p>\n\n\n\n
Meanwhile, Adalia slammed into western Cuba on Monday and turned into a hurricane as it headed toward Florida. The storm is likely to cause power outages and may affect crude oil production on the eastern side of the US Gulf Coast.<\/p>\n\n\n\n
The focus this week will be the US PCE price index due for release on Thursday and the August non-farm payroll data on Friday.<\/p>\n\n\n\n
Investors are still concerned about the economic recovery in China, as well as about the demand for oil in the second largest consumer in the world.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices fell on Tuesday amid fears that further potential interest rate hikes in the US would lower demand, outweighing concerns that a tropical storm off the US Gulf Coast could affect supplies. And by 0640 GMT, Brent crude fell 19 cents, or 0.2 percent, to $ 84.23 a barrel, while US West Texas Intermediate …<\/p>\n","protected":false},"author":9,"featured_media":81795,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[7804,6832,10469],"class_list":["post-88646","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-baker-hughes","tag-china","tag-us-oil-output"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/88646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=88646"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/88646\/revisions"}],"predecessor-version":[{"id":88647,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/88646\/revisions\/88647"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/81795"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=88646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=88646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=88646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}