Oil loses ground as investors await Fed minutes

Oil futures fell Wednesday, with weakness tied in part to continued worries that rising interest rates could crimp demand for crude and fuel as investors await the minutes of the Federal Reserve’s first policy meeting of 2023.

Price action Market drivers Oil futures have struggled in February as Treasury yields have risen on expectations the Federal Reserve will need to hike rates more than previously expected to rein in inflation. Rising yields also provide a lift for the U.S. dollar, which makes commodities priced in the unit more expensive to holders of other currencies.

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