December 2, 2022

Oil falls on worries of U.S. fee hikes, China demand

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business news

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HOUSTON — Oil costs fell greater than 3% on Thursday, with demand squeezed by mounting COVID-19 instances in China and fears of extra aggressive hikes in U.S. rates of interest.

Brent crude fell $3.08 to settle at $89.78 a barrel, down 3.3%. U.S. West Texas Intermediate (WTI) crude slid $3.95, or 4.6%, to settle at $81.64 per barrel.

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“It’s type of a triple whammy. We’ve acquired COVID-19 instances rising in China, rates of interest are persevering with to rise right here within the…

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