{"id":12103,"date":"2022-12-15T15:43:38","date_gmt":"2022-12-15T15:43:38","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-slip-amid-demand-concerns"},"modified":"2022-12-15T16:35:38","modified_gmt":"2022-12-15T16:35:38","slug":"oil-prices-slip-amid-demand-concerns","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-slip-amid-demand-concerns","title":{"rendered":"Oil prices slip amid demand concerns"},"content":{"rendered":"

Africa-Press – Eritrea. <\/strong><\/span>Oil prices retreated on Thursday over demand concerns following the US Federal Reserve\u2019s rate hike and a strengthening dollar. International benchmark Brent crude traded at $82.16 per barrel at 09.24 a.m. local time (0624GMT), a 0.65% decrease from Wednesday\u2019s closing price of $82.7.<\/p>\n

The American benchmark West Texas Intermediate was at $76.66 per barrel, a fall of 0.80% from the previous session\u2019s $77.28. As expected, the US Fed hiked its benchmark interest rate by 50 basis points on Wednesday, raising the target range to between 4.25% and 4.5%, the highest in 15 years.<\/p>\n

In his remarks, Chair Jerome Powell indicated that the Fed \u201cwill stay on the course (of lowering inflation) until the job is done.\u201d \u201cIt is not important how fast we go. It is far more important to think what is the ultimate level,\u201d he said, leaving the door open for more rate hikes next year.<\/p>\n

The rising value of the US dollar also weighed on oil prices, discouraging traders from using other currencies and also fueling fears of weak demand. US commercial crude oil inventories were up 2.5% during the week ending Dec. 9, according to data released by the Energy Information Administration late on Wednesday.<\/p>\n

Inventories rose by around 10.2 million barrels to 424.1 million barrels, despite a market expectation of a decrease of around 3.9 million barrels.\u200b\u200b\u200b\u200b\u200b\u200b\u200b<\/p>\n

For More News And Analysis About Eritrea<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eritrea. Oil prices retreated on Thursday over demand concerns following the US Federal Reserve\u2019s rate hike and a strengthening dollar. International benchmark Brent crude traded at $82.16 per barrel at 09.24 a.m. local time (0624GMT), a 0.65% decrease from Wednesday\u2019s closing price of $82.7. The American benchmark West Texas Intermediate was at $76.66 […]<\/p>\n","protected":false},"author":84,"featured_media":12102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[242,243,233],"class_list":["post-12103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-eritrea","tag-eritrea"],"yoast_head":"\nOil prices slip amid demand concerns - Eritrea<\/title>\n<meta name=\"description\" content=\"Oil prices retreated on Thursday over demand concerns following the US Federal Reserve\u2019s rate hike and a strengthening d ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-slip-amid-demand-concerns\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices slip amid demand concerns\" \/>\n<meta property=\"og:description\" content=\"Oil prices retreated on Thursday over demand concerns following the US Federal Reserve\u2019s rate hike and a strengthening d ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-slip-amid-demand-concerns\" \/>\n<meta property=\"og:site_name\" content=\"Eritrea\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-15T15:43:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-15T16:35:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2022\/12\/postQueueImg_1671106431.19.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-slip-amid-demand-concerns#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-slip-amid-demand-concerns\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil prices slip amid demand concerns\",\"datePublished\":\"2022-12-15T15:43:38+00:00\",\"dateModified\":\"2022-12-15T16:35:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-slip-amid-demand-concerns\"},\"wordCount\":228,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-slip-amid-demand-concerns#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2022\/12\/postQueueImg_1671106431.19.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eritrea\",\"Eritrea\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-slip-amid-demand-concerns#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-slip-amid-demand-concerns\",\"url\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-slip-amid-demand-concerns\",\"name\":\"Oil prices slip amid demand concerns - 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