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Oil dips as dollar firms while more rate hikes loom

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Oil prices dipped in Asian trade on Thursday as the dollar firmed, while the possibility of further interest rate hikes from global central banks also heightened demand concerns. | Reuters

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Chinese economic data for November were “much lower than expected, further darkening the demand outlook,” Teng added. Also weighing on oil prices, Canada’s TC Energy Corp said it is resuming operations in a section of its Keystone pipeline, a week after a leak of more than 14,000 barrels of oil in rural Kansas triggered the whole pipe’s shutdown.

Meanwhile, U.S. crude oil stockpiles rose by more than 10 million barrels last week, the most since March 2021, the Energy Information Administration said.

 

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