Oil steadies as rate hikes loom, Russian flows stay strong
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LONDON: Oil steadied as looming interest rate hikes by major central banks and signs of strong Russian exports balanced rising Middle East tension over drone attack in Iran and hopes of higher Chinese demand.
Investors expect Federal Reserve to raise rates by 25 basis points on Wednesday, followed day after by half-point hikes from Bank of England and European Central Bank and any deviation from that script would be shock. “Risk-off cautious mood in market ahead of central bank meetings is hurting risk assets, including oil,” said Fiona Cincotta, analyst at City Index.
Published in The Daily National Courier, January, 31 2023
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