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12/5/2022, 7:01 PM (Source: TeleTrader)
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Oil down as data spurs demand concerns

Prices of oil futures reversed course on Monday, losing over 1.5% after recent economic data seemingly sparked belief that the upbeat reports could give the United States Federal Reserve more time and space to raise interest rate hikes to tame inflation.

Worries that the aggressive moves by the Fed could cause it to ultimately overtighten its monetary policy and cause a slowdown have possibly led to weakened oil demand expectations for the world's strongest economy.

West Texas Intermediate (WTI) for settlements in January 2023 fell by 2.01% to $78.37 per barrel at 12:48 pm ET, while Brent for deliveries in February 2023 lost 1.80% to $84.01 per barrel at the same time.

Baha Breaking News (BBN) / MS