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Oil prices fell today as the threat of further interest rate hikes and large inflows of Russian crude outpaced expectations of a recovery in demand from China.
Reuters reported that Brent crude futures for March delivery fell 25 cents to 84.65 dollars a barrel, while the last April contract, the most traded, fell by 38 cents, or 0.45 percent, to 84.12 dollars.
US West Texas Intermediate crude futures also fell 44 cents, or 0.56 percent, to $77.46 a barrel.
Investors expect the Federal Reserve to raise interest rates by 25 basis points tomorrow, with a half-point increase from the Bank of England and the European Central Bank the next day. Higher rates could slow the global economy and dampen demand for oil.
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