Business News

Oil Market Extends Loss on US Demand Worries

1716527765 crude oil market

By Adedapo Adesanya The oil market fell for a fourth consecutive session on Thursday, still gripped by the prospect of the market seeing cuts in the US interest rate, raising worries around demand growth in the world’s biggest oil market. Brent crude futures settled lower by 54 cents or 0.7 per cent to trade at $81.36 a barrel, and US West Texas Intermediate (WTI) crude futures fell by 70 cents or 0.9 per cent to $76.87 a barrel. On Wednesday, minutes from the US Federal Reserve’s latest policy meeting showed policymakers remain doubtful if current interest rates are high enough