Oil falls as US Fed’s pending interest rate hike spooks investors

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Reuters
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Thu, 2022-01-27 04:56

BEIJING: Oil prices fell on Thursday as the US dollar strengthened following signs that the US Federal Reserve will tighten monetary policy in the world’s biggest oil user.
Futures pulled back amid a broader decline in financial markets triggered by the March interest rate increase telegraphed by the Fed and as the dollar climbed against its major peers. Dollar-denominated oil becomes more expensive for buyers using other currencies when the greenback gains.

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