London — Oil prices fell for a third trading session on Wednesday as concerns about fuel demand were stoked by expectations that minutes due from the US Federal Reserve will indicate a need to hike interest rates.
Higher interest rates tend to lift the dollar, making dollar-denominated oil more expensive for holders of other currencies and reducing demand. The economic outlook across Europe, however, continues to show resilience, UBS said in a note. This followed business surveys released on Tuesday which showed surprisingly strong growth.
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