{"id":7786,"date":"2023-09-21T12:45:42","date_gmt":"2023-09-21T12:45:42","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=7786"},"modified":"2023-09-21T12:45:42","modified_gmt":"2023-09-21T12:45:42","slug":"oil-falls-as-us-rate-hike-expectations-offset-tight-supply-outlook","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/7786\/","title":{"rendered":"Oil falls as US rate hike expectations offset tight supply outlook"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Oil prices fell on Thursday, after posting the largest decline in a month in the previous session, as the U.S. Federal Reserve held rates but signalled potential future hikes, offsetting the impact of drawdowns in U.S. crude stockpiles.<\/p>\n

Brent futures for November delivery were down 73 cents, or 0.78%, to $92.80 a barrel by 1140 GMT. U.S. West Texas Intermediate crude (WTI) fell 63 cents, or 0.7%, to $89.03, the lowest since Sept. 14. Both benchmarks had fallen more than $1 earlier on Thursday.<\/p>\n

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The U.S. Federal Reserve on Wednesday maintained interest rates, but stiffened its hawkish stance, projecting a quarter-percentage-point increase to 5.50-5.75% by year-end.<\/div>\n<\/div>\n<\/div>\n

That may dampen economic growth and overall fuel demand, and led to the\u00a0U.S. dollar surging\u00a0to its highest since early March, making oil and other commodities more expensive for buyers using other currencies.<\/p>\n

Central banks’ moves elsewhere also signalled potential pressure on oil prices. The Bank of England mirrored the Fed and\u00a0held interest rates\u00a0on Thursday after a long run of hikes, but said it was not taking a recent fall in inflation for granted.<\/p>\n

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Meanwhile, Norway’s central bank raised\u00a0its benchmark interest rate on Thursday and, in a surprise move, and said it would probably hike again in December.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Energy markets reacted little to data from the U.S. Energy Information Administration (EIA) on Wednesday showing crude inventories fell in line with expectations last week, with some analysts saying the decline – 2.14 million barrels versus an expected 5.25 million barrels – was smaller than they expected.<\/p>\n

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“The disappointing inventory drawdown gave impetus for traders to lock in profits following the 10% gain since the start of the month,” ANZ analysts said in a note.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

The\u00a0stock draw\u00a0was mainly driven by strong oil exports, while gasoline and diesel inventories were drawn down as refiners began annual autumn maintenance, the EIA said in a weekly report.<\/p>\n

However, price falls were limited by continuous concern on tight supply globally entering the fourth quarter, with crude stocks at Cushing – the WTI delivery hub – at their lowest since July 2022 and production cuts continuing by the Organization of the Petroleum Exporting Countries and allies<\/p>\n

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