November 29, 2022

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

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business news

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HOUSTON — Oil fell greater than 3% on Thursday as rising numbers of COVID-19 instances in China and the suggestion of upper rates of interest than at the moment anticipated in the US weighed on demand.

Brent crude fell $2.64 to $90.22 a barrel, down 2.8%, at 1:28 p.m. EST (1828 GMT). U.S. West Texas Intermediate (WTI) crude slid $3.63, or 4.2%, to $81.96 per barrel.

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“It’s type of a triple whammy. We’ve obtained COVID-19 instances rising in China, rates of interest…

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