Brent oil price continues to fall on Thursday after a strong US inflation report raised hopes that the Federal Reserve will proceed with more aggressive interest rate increases.
International benchmark Brent crude was trading at $97.15 per barrel at 2.20 p.m. local time (1120GMT), a decrease of 2.43% from the previous session’s close.
American benchmark West Texas Intermediate (WTI) was at $93.55 per barrel at the same time on Thursday for a 2.86% loss, as the previous session closed at $96.3 a barrel.
The global crude benchmark touched its lowest level since March after the prospects of a lower oil demand during a high inflation period among world economies feed market worries.
Investors now anticipate that the Federal Reserve will raise interest rates by a historically significant one point later this month.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr