Crude remains on track for its first quarterly loss in more than two years as concerns about a global economic slowdown weigh on the demand outlook. A stronger dollar added to bearish headwinds this week, making commodities priced in the currency more expensive for investors.
Oil headed for a fourth weekly decline after a raft of interest-rate hikes around the world darkened the outlook for energy demand.
West Texas Intermediate futures edged higher toward US$84 ($119.17) a barrel, but are still down more than 1% for the week. The Federal Reserve gave its clearest signal yet that it’s willing to tolerate a US recession as the trade-off for regaining control of inflation, while the UK, Norway and South Africa also raised rates.
