Oil falls with interest rate hikes and inventories in focus

Brent futures dropped by $1.69, or 2.2%, to $75.43 a barrel by 1109 GMT and U.S. West Texas Intermediate crude futures were down $1.63, or 2.3%, at $70.90.

The benchmarks erased gains from the previous session, during which U.S. corn and soybean prices raced to multi-month highs, raising expectations that crop shortfalls could lower biofuels blending and increase oil demand. On Thursday the market was cautious after Fed Chair Jerome Powell said two more interest rate hikes of 25 basis points each by the end of the year was "

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Egypt seen leaving interest rates on hold on ThursdayThe Central Bank of Egypt (CBE) is expected to leave its overnight interest rates unchanged on Thursday after President Abdel-Fattah al-Sisi appeared to rule out any devaluation of the currency in coming months, a Reuters poll showed on Monday.
Source: ReutersAfrica - 🏆 31. / 53 Read more »

POLL Egypt seen leaving interest rates on hold on ThursdayThe Central Bank of Egypt (CBE) is expected to leave its overnight interest rates unchanged on Thursday after President Abdel-Fattah al-Sisi appeared to rule out any devaluation of the currency in coming months, a Reuters poll showed on Monday.
Source: ReutersAfrica - 🏆 31. / 53 Read more »