The price of crude oil decreased in the international market yesterday. Concerns about rising interest rates and rising oil inventories in the US played a major role in the price decline report said from Reuters.
Brent, the international crude oil benchmark, fell by $1.69, or 2.2 percent, on ICE Futures Europe yesterday. The price per barrel settled at 75 dollars 43 cents. On the other hand, on the New York Mercantile Exchange (NIMEX), the price of West Texas Intermediate, the international crude oil market standard, fell by 1 dollar 63 cents or 2.3 percent. The price per barrel settled at 70 dollars 90 cents.
US Federal Reserve Chair Jerome Powell recently said that interest rates may be increased by 25 basis points in two more steps by the end of this year. The price of fuel oil fell after this news was published. Meanwhile, the Bank of England recently raised interest rates more than expected.
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