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Oil Falls as Traders Wait for Looming Central Bank Rate Hikes

  • Central banks from the US, Europe and Asia set to raise rates
  • Brent settled near $91 after dropping alongside stock markets
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Oil Steadies Ahead of Fed Rate Decision
Updated on

Oil fell ahead of several global interest-rate decisions that are expected to bring further monetary tightening.

The Fed and other central banks from Europe to Asia are expected to deliver interest-rate hikes this week as they seek to tame rampant inflation that’s hit demand. Liquidity thinned, leading to volatile price swings, while a stronger dollar has added to headwinds. Brent crude futures settled near $91, taking cues from declining equity markets that minimally trimmed losses later in the day.