Commodities
Oil Posts Fourth-Straight Monthly Loss as Slowdown Fears Persist
- Crude saw a monthly decline for eight out of last nine months
- Rate-hike fears continue to overshadow signs of demand rebound
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Oil fell for the eighth month out of the last nine as US economic slowdown fears continue to dampen market sentiment.
Despite the $2 monthly decline, crude supplies are showing signs of tightening as sanctions against Russia complicate purchases for the few buyers of the crude still left. Poland announced it is winding down purchases of Russian oil in February and March, while Indian refiners face more onerous demands from financiers wary of breaching sanctions.