Oil prices pause after a six-day down move

23 Feb 2023 , 08:12 AM

On Thursday, oil prices marginally increased in light Asian trading, breaking a six-day losing run fueled by growing worries that more aggressive interest rate increases by central banks will stifle economic development and fuel demand.

The price of Brent crude futures increased by 2 cents to $80.62 per barrel. WTI crude futures increased by 9 cents, or 0.1%, to $74.04 a barrel.

According to the minutes of the most recent meeting of the Federal Reserve in the United States, the majority of Fed officials concurred that raising interest rates would need to continue until excessive inflation was under control.

Signs of more crude inventory buildup have also put pressure on oil prices.

According to market reports citing American Petroleum Institute data on Wednesday, the nation’s crude oil and fuel stockpiles increased by 9.9 million barrels last week.

Since mid-December, U.S. oil stocks have increased each week, fueling investor concerns about demand.

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