November 27, 2022

Oil retreats as demand issues weigh, monitoring for steep

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MELBOURNE — Oil pared early beneficial properties and was on monitor for a steep weekly decline on issues about weakening demand in China and additional rate of interest rises by the U.S. Federal Reserve.

Brent crude futures had edged decrease by 13 cents or 0.1% to $89.65 a barrel by 0737 GMT, and weren’t far off four-week lows of $89.53 hit within the earlier session.

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U.S. West Texas Intermediate (WTI) crude futures rose 13 cents, or 0.2%, to $81.77 a barrel, however held close to a…

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