Oil Slips as Interest Rate Concerns Overshadow Fundamentals
- ECB says it’s too early to call the end of rate hikes
- WTI falls below $68, near bottom of recent trading range
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Oil fell as markets struggled to shake off fears that higher interest rates will weigh on global growth.
Revived concerns about the potential for recessions around the world have overshadowed oil markets’ supply and demand trends. Several policymakers struck a hawkish tone on interest rates last week, and the president of the European Central Bank said Tuesday that it probably won’t be able to declare the end of its historic interest-rate hiking cycle any time soon.