"Oil prices dip as further interest rate hikes loom"

" Oil prices dip as further interest rate hikes loom \r\n\r\nOil prices slumped by 2% early on Thursday after Fed Chair Jerome Powell told Congress that further interest rate hikes are coming in the second half of the year after a pause last week.\r\n\r\nAs of 8:11 a.m. EDT on Thursday, ahead of EIA\u2019s weekly inventory report, the U.S. benchmark,\u00a0 WTI Crude , was trading at $71.12, down by 1.92% on the day. The international benchmark,\u00a0 Brent Crude , was falling by 1.84% and traded at $75.67.\r\n\r\nOn Wednesday, Brent settled at above $77, the highest settlement since May 24, as the U.S. dollar fell. But prices resumed their slide early on Thursday.\r\n\r\nFed\u2019s Powell on Wednesday told Congress in his half-year testimony on the economy to lawmakers that further rate hikes would be necessary to fight inflation. Powell\u2019s testimony continues later on Thursday, and additional comments could also sway oil, equity, and bond markets.\r\n\r\nCommenting on last week\u2019s decision to hold interest rates unchanged, for now, Power\u00a0 said , \u201cWe didn't use the word pause and I wouldn't use it here today.\u201d\r\n\r\nThe outlook for two more rate hikes by the end of 2023, included in the Summary of Economic Projections released by the Fed last week, \u201cis a pretty good guess of what will happen if the economy performs about as expected,\u201d Powell said.\r\n\r\n\u201cPowell has implied that the Fed\u2019s mantra is now curbing inflation over negating the possible adverse after-effects on economic growth from tighter credit conditions,\u201d Kelvin Wong, senior market analyst at OANDA,\u00a0 said \u00a0on Thursday.\r\n\r\nIn Europe, the Bank of England on Thursday surprised markets\u00a0 with a large \u00a050-basis-point interest rate hike, the 13th consecutive increase, after inflation data from Wednesday showed the UK\u2019s May inflation was stuck at an annual 8.7%, flat compared to April and higher than expectations.\r\n\r\nApart from interest rate chatter, the market will be looking today at EIA\u2019s weekly oil inventory data, after the American Petroleum Institute (API) estimated on Wednesday\u00a0 a decline of 1.246 million barrels \u00a0in crude oil inventories in the United States, against expectations of a smaller 433,000-barrel draw."

"Oil prices dip as further interest rate hikes loom"

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