The prices of oil futures fell on Thursday following the Federal Reserve's latest decision to increase its key interest rate by 50 basis points and raise the 2023 rate projections, seemingly reviving recession fears and possibly dampening the demand outlook.
In addition, the Energy Information Administration (EIA) revealed that the oil inventories in the United States rose by 10.2 million barrels, taking the heat off of supply concerns.
West Texas Intermediate (WTI) for deliveries in January slid 1.10% to go for $76.44 per barrel at 2:25 am ET. Brent for settlements in February lost 0.87% to sell for $81.95 per barrel, at the same time.