Oil Heads for Longest Losing Run Since 2021 on Slowdown Concerns
- Fed minutes signal further rate hikes as inflation persists
- US stockpiles rise more than 7 million barrels, API data show
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Oil fell for a fourth day, set for the longest losing run in more than a year, as investors fretted that a global slowdown would hurt energy consumption and an industry report pointed to a major build in US inventories.
West Texas Intermediate fell toward $87 a barrel following a drop of almost 6% over the prior three days. On Wednesday, minutes from the Federal Reserve showed officials committed to raising interest rates to a restrictive level and holding them there to curb inflation, potentially slowing growth.