February 1, 2023

Oil prices eased slightly today, Thursday, after the US dollar rose, while the likelihood that central banks will continue to raise interest rates added to fears about demand.
Brent crude futures fell 33 cents, or 0.4 percent, by 1453 GMT to $82.37 a barrel, while U.S. oil futures shed 43 cents, or 0.6 percent, to $76.85.
The growth of the dollar affected oil prices. A stronger dollar could reduce demand for oil because it makes the commodity more expensive for those who hold other currencies.
Federal Reserve Chairman Jerome Powell said on Wednesday that the bank will continue to raise interest rates next year even as the economy slides into recession.
Oil prices also came under pressure after Canada’s TC Energy said it was set to restart operations on the Keystone section of the pipeline a week after a spill of more than 14,000 barrels of crude oil in rural Kansas brought the pipeline to a complete shutdown.
However, some support for oil came from the International Energy Agency’s expectations that Chinese demand for oil will recover next year after falling by 400,000 bpd this year.

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