West Texas Intermediate Crude Oil Drops $1.92, Market Fears Raise Interest Rates Affects Demand

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West Texas Crude Oil Contract Delivered in Aug. Trading on the NYMEX was down $1.92 to close at $104.27 a barrel. north sea brent Delivered in Aug. It was down $1.69 to close at $110.05 a barrel.

Federal Reserve Chairman Jerome Powell has confirmed to Congress that The Fed is committed to slowing inflation. And the Fed is moving fast towards that goal. The Fed has both the necessary tools and the intent to restore price stability for American households and businesses.

Powell said the US economy was in a favorable condition. with a strong labor market While demand is high, Powell admits inflation is overheating. and the need to slow down

When the congressional committee questioned whether The Fed is raising interest rates too quickly and too quickly. Will the US economy go into recession or not? Mr Powell replied: “There is a possibility of an economic recession. Even if that is not the outcome the Fed wants.”

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