Energy Preview: Crude Oil Pares Losses In Early Asia

22 Sep 2022 , 08:44 AM

Crude oil is seeing paring losses in early Asia on Thursday, following a sharp slump in the last two sessions on aggressive Fed rate hike concerns that could further hinder already bleak demand. The Federal Reserve raised its target range for the federal funds rate by 75 basis points to 3 to 3.25 percent, citing its dual goals of maximum employment and inflation at a rate of 2 percent over the longer run. The move marks the third straight 75 basis point rate hike by the Fed and lifts rates to their highest level since early 2008. Besides, a soaring dollar is also limiting sharp gains in the commodity. WTI crude oil is currently quoting up by half a percent at $83.44 a barrel after having fallen below $83 mark in the previous session. Powered by Commodity Insights