Oil futures tick lower early Thursday as the U.S. dollar continues to strengthen versus major rivals and investors remain jittery about the demand outlook.
Oil futures drifted slightly lower early Thursday as the U.S. dollar continued to strengthen and investors remained jittery about the demand outlook as the Federal Reserve prepares to deliver what’s expected to be another jumbo interest rate hike next week.
Price action Market drivers Analysts said expectations for the Federal Reserve to raise the fed-funds rate by at least 75 basis points, or 0.75 percentage point, when policy makers meet next week continues to loom over the oil market, stoking fears of an economic downturn as central bankers attempt to rein in stubborn inflation.
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