Prices of the international benchmark for oil, Brent crude, slipped ~2% in Thursday’s morning trade, while West Texas Intermediate (WTI) climbed 2%.
Brent crude contracts for February delivery slipped 1.5% to $56.5/barrel, while WTI rose 2% rose to 47.20/barrel.
The fall in Brent crude prices is on the back of concerns regarding global economic growth. This was after the Federal Reserve trimmed its forecast for 2019 rate hikes to two against the four hikes occurred in 2018.
In a widely expected move, the US Federal Reserve on Wednesday raised its benchmark interest rate, but signaled fewer rate hikes in 2019, indicating the central bank’s worry over economic growth of the US.
The central bank hiked lending rates for its benchmark funds from 2.25% to 2.5%. The move marked the fourth increase in 2018 and the ninth since it began normalizing rates in December 2015.
Brent crude contracts for February delivery slipped 1.5% to $56.5/barrel, while WTI rose 2% rose to 47.20/barrel.
The fall in Brent crude prices is on the back of concerns regarding global economic growth. This was after the Federal Reserve trimmed its forecast for 2019 rate hikes to two against the four hikes occurred in 2018.
In a widely expected move, the US Federal Reserve on Wednesday raised its benchmark interest rate, but signaled fewer rate hikes in 2019, indicating the central bank’s worry over economic growth of the US.
The central bank hiked lending rates for its benchmark funds from 2.25% to 2.5%. The move marked the fourth increase in 2018 and the ninth since it began normalizing rates in December 2015.
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