Oil Steadies as US Crude Stockpiles Shrink Ahead of Fed Meeting
Updated: 27 Jul 2022, 08:01 AM IST
TL;DR.The Fed is expected to approve another large rate increase on Wednesday to combat rampant inflation, escalating concerns that the US may be heading for a recession. Fears over an economic slowdown have rippled through commodities and overshadowed signs of a tight physical crude market.
FILE PHOTO: Industrial facilities of PCK Raffinerie oil refinery are pictured in Schwedt/Oder, Germany, May 9, 2022. The company receives crude oil from Russia via the 'Friendship' pipeline. REUTERS/Hannibal Hanschke/File Photo