![]() ![]() ![]() Read: ‘The opposite of policy coordination’: Swiss National Bank and Bank of England lift interest rates following Fed hikes The Fed rate hike was followed by a bigger-than-expected hike from the Swiss National Bank, and Bank of England also raised interest rates. It’s “possible that the slowdown will be more severe than expected and that’s what investors are worried about the most.” “Demand concerns are on the rise because of growing expectations that the global economy is heading for a slowdown in the coming months,” said Fawad Razaqzada, market analyst at City Index and. Fears that the economy could tip into recession have weighed on commodities and other perceived riskier assets. Oil prices struggled this week as investors backed away from perceived riskier assets in the wake of a Federal Reserve interest rate hike. July heating oilįell 5.1% to $4.3398 a gallon, for a weekly loss of 0.6%.įell 7% to $6.944 per million British thermal units, the lowest finish since April 28. Prices posted weekly loss of 7.3%, breaking a string of four weekly gains.įell 4.1% to $3.793 a gallon - down 9.1% for the week. The global benchmark, settled $6.69 lower, or 5.6%, to $113.12 a barrel on ICE Futures Europe. Based on the front-month contract, prices ended 9.2% lower for the week following seven weekly gains in a row, according to Dow Jones Market Data. West Texas Intermediate crude for July deliveryįell $8.03, or 6.8%, to settle at $109.56 a barrel on the New York Mercantile Exchange. and global benchmark prices ending a streak of weekly gains, as investors juggled recession fears and concerns over demand. Oil futures finished with a loss on Friday, with U.S. ![]()
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