Brent Crude (...+0.90%
F WBS+0.93%
Oil prices cool off, WTI falls over 1%
Crude oil prices for front-month settlements pulled back on Thursday, with the main oil benchmark for North America, West Texas Intermediate, coming down from its 12-month high as economic uncertainty seemingly outweighed supply-related pressure on the commodity prices.
The somewhat persistent economic growth in the United States raised concerns about the prospects of the Federal Reserve's monetary policy moving forward, with officials estimating that interest rates could stay elevated for longer than expected in order to reach the targeted inflation rate.
West Texas Intermediate (WTI) for November contracts declined 1.08% to trade at $92.68 per barrel at 10:30 am ET. Brent for the same month's deliveries was down 0.75% to sell at $95.83 a barrel.