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HomeEconomyOIL PLUNGES 4% AS INTEREST RATE HIKES OUTWEIGH LOWER US OIL SUPPLIES

OIL PLUNGES 4% AS INTEREST RATE HIKES OUTWEIGH LOWER US OIL SUPPLIES

New York: Thursday ko oil futures 4% kam hue jiski waja Bank of England ke interest rate unexpected hike ne economy and fuel demand ke hawale se pareshani ka sabab banaya, jis ne U.S. oil supplies mein achanak kami ne outweighed support se kahin zyada hai.

Brent futures $2.98, yaani 3.9% tak kam hokar $74.14 per barrel par settle hue. U.S. West Texas Intermediate (WTI) crude futures $3.02, yaani 4.2% tak, kam ho gaye aur $69.51 par pahunch gaye.

Benchmark ne previous session ke gain ko mita diya jisme U.S. corn aur soybean ki prices ne multi-month highs tak tezi se pohanchi, jis se expect kiya gaya ke crop shortfalls biofuels blending ko kam kar sakti hai aur oil demand ko barha sakti hai.

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