Oil Falls the Most in a Month as Slowdown Ignites Demand Fears
- Traders focus on lackluster fuel demand in weekly EIA report
- WTI settled below $80 after closing little changed on Tuesday
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Oil fell as the latest economic report revealed the slowdown effects of monetary tightening and pushed demand concerns to the market’s forefront.
West Texas Intermediate fell the most in a month to slip below $80 after being pressured by a rising dollar and dampened risk appetite throughout the session. An economic survey from the Federal Reserve late Wednesday showed the US economy stalled in recent weeks with hiring and inflation slowing and access to credit narrowing.