Oil Drops After US Inflation R

2022-06-12

Oil Drops After US Inflation Rises to a 40-Year High

Brent Last Day Financial

-1.06%

Light Crude Oil

Oil dropped Friday morning after the US Labor Department reported inflation accelerated to a fresh 40-year high in May.

West Texas Intermediate fell almost 2% to near $119. The inflation report chilled broader markets and sent a signal to the Federal Reserve to extend an aggressive series of interest-rate hikes. The report reversed earlier gains that were driven by signs of China starting to ease virus curbs in key cities.

Oil has maintained its upward momentum this year through bouts of volatile trading following Russia’s invasion of Ukraine in late February. Goldman Sachs Group Inc. this week boosted its price forecasts into 2023, while OPEC warned that most members are “maxed out” on crude production.

The European Union also is working to ban Russian crude imports, stoking supply fears and compounding inflation risks.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

MHh
2022-06-12
MHh
Inflation might worsen still
Iykyk
2022-06-12
Iykyk
Like back
powerbert
2022-06-12
powerbert
Good information.
GREEDisGOOD
2022-06-12
GREEDisGOOD
thanks for sharing
EC031
2022-06-12
EC031
Thank you for sharing
uncle san
2022-06-12
uncle san
war war war

Leave a comment

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The inflation report chilled broader markets and sent a signal to the Federal Reserve to extend an aggressive series of interest-rate hikes. The report reversed earlier gains that were driven by signs of China starting to ease virus curbs in key cities. Oil has maintained its upward momentum this year through bouts of volatile trading following Russia’s invasion of Ukraine in late February. Goldman Sachs Group Inc. this week boosted its price forecasts into 2023, while OPEC warned that most members are “maxed out” on crude production. 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