scorecardresearchOil Set for Fourth Weekly Loss With Rate Hikes Darkening Outlook

Oil Set for Fourth Weekly Loss With Rate Hikes Darkening Outlook

Updated: 23 Sep 2022, 05:37 PM IST
TL;DR.
Oil headed for the longest stretch of weekly losses this year as central banks around the world stepped up their fight against inflation at the cost of growth, which is darkening the outlook for energy demand.
Valve control wheels for the Friendship 2 crude oil pipeline at the Duna oil refinery, operated by MOL Hungarian Oil & Gas Plc, in Szazhalombatta, Hungary, on Thursday, May 26, 2022. Hungarian Prime Minister Viktor Orban said there was no consensus among European Union leaders on banning Russian oil but signaled he was ready to agree if the bloc guarantees his country still receives the fuel via a pipeline and other measures in case that avenue is disrupted. Photographer: Akos Stiller/Bloomberg

Valve control wheels for the Friendship 2 crude oil pipeline at the Duna oil refinery, operated by MOL Hungarian Oil & Gas Plc, in Szazhalombatta, Hungary, on Thursday, May 26, 2022. Hungarian Prime Minister Viktor Orban said there was no consensus among European Union leaders on banning Russian oil but signaled he was ready to agree if the bloc guarantees his country still receives the fuel via a pipeline and other measures in case that avenue is disrupted. Photographer: Akos Stiller/Bloomberg