© Archyde.com.
NEW YORK (Archyde.com) – It rose by regarding a dollar on Friday as the US currency fell, but it is heading for a weekly loss amid fears of sharp interest rate increases, which is expected to curb global economic growth and fuel demand.
Crude futures rose $1.14, or 1.3 percent, to $91.98 a barrel by 1543 GMT.
US West Texas Intermediate crude futures also rose 83 cents, or 1 percent, to $85.93.
The two benchmark indices are heading to record losses of regarding one percent for the third week in a row, in part due to the strength of the American one, which makes oil more expensive for buyers who use other currencies.
Since the beginning of the third quarter until now, both crudes have fallen by regarding 20%, in the worst quarterly percentage decline since the start of the Corona pandemic in the first quarter of 2020.
Investors are preparing for a significant increase in US interest rates, which might lead to a recession and reduce fuel demand.
The Federal Reserve is widely expected to raise its benchmark overnight interest rate by 75 basis points at its September 20-21 policy meeting.
Market concern is also dominated by the International Energy Agency’s forecast of negligible growth in oil demand in the fourth quarter due to weak demand forecasts in China.
(Prepared by Mustafa Saleh for the Arabic Bulletin)
