{"id":245649,"date":"2023-06-23T16:37:22","date_gmt":"2023-06-23T16:37:22","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=245649"},"modified":"2023-06-23T16:37:47","modified_gmt":"2023-06-23T16:37:47","slug":"oil-price-slides-amid-higher-interest-rates","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/oil-price-slides-amid-higher-interest-rates\/","title":{"rendered":"Oil Price Slides Amid Higher Interest Rates"},"content":{"rendered":"<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bnreport.com\/en\/\"><strong>BNR<\/strong> <\/a>&#8211; Oil fell for an additional day on Friday and seemed on track for a weekly drop. The decline is a consequence of a UK interest rate rise which increased concerns about economic growth.<\/p>\n<p style=\"text-align: justify;\">Economic growth overshadowed decreased US crude reserves and other signals of supply tightening.<\/p>\n<p style=\"text-align: justify;\">On Thursday, both crude benchmarks fell by around $3 after the Bank of England increased interest rates. The bank increased interest rates by a larger-than-expected half-point. Norway and Switzerland both raised interest rates.<\/p>\n<p style=\"text-align: justify;\">By 1110 GMT, Brent crude had fallen 91 cents, or 1.2%, to $73.23 per barrel. However, West Texas Intermediate (WTI) crude in the United States was down $1.22, or 1.8%, to $68.29.<\/p>\n<p style=\"text-align: justify;\">&#8220;After yesterday&#8217;s central banks&#8217; action, anxiety has palpably grown,&#8221; said Tamas Varga of oil broker PVM.<\/p>\n<p style=\"text-align: justify;\">\u201cDue to strengthening economic headwinds caused by recession fears,\u201d he added. \u201conly conspicuous stock depletion will herald a protracted change in the currently ominous outlook.&#8221;<\/p>\n<h3 style=\"text-align: left;\"><strong>High Interest and Pressure on Oil Market<\/strong><\/h3>\n<p style=\"text-align: justify;\">High-interest\u00a0rates raise the cost of borrowing for both firms and people. This might hamper economic development and muddle the picture for oil consumption for the remainder of the year.<\/p>\n<p style=\"text-align: justify;\">The threat of more US interest rate rises exacerbated those challenges. US Federal Reserve Chair Jerome Powell indicated this week that two more 25-basis-point rate rises by the end of the year were &#8220;a pretty good guess.&#8221;<\/p>\n<p style=\"text-align: justify;\">Gains in the dollar, fuelled by hawkish statements from major central banks, also weighed. A strong dollar raises the price of oil for holders of other currencies. It may also have an impact on demand and suggest increased risk aversion among investors.<\/p>\n<p style=\"text-align: justify;\">The recession and concerns about demand overshadowed any signals of supply-side constraint. According to this week&#8217;s US inventory report, oil reserves fell by a shocking\u00a03.8 million barrels.<\/p>\n<p style=\"text-align: justify;\">Saudi Arabia&#8217;s production reduction of 1 million barrels per day declared in July, together with an OPEC+ agreement to cap supply through 2024, is also expected to pressure the market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BNR &#8211; Oil fell for an additional day on Friday and seemed on track for a weekly drop. The decline is a consequence of a UK interest rate rise which increased concerns about economic growth. Economic growth overshadowed decreased US crude reserves and other signals of supply tightening. On Thursday, both crude benchmarks fell by [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":245650,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[11408,8074,278,7659,169,1140,1141,576,413],"class_list":["post-245649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-crude","tag-crude-oil","tag-featured","tag-interest-rate","tag-oil","tag-opec","tag-opec-2","tag-saudi-arabia","tag-uk"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Oil Price Slides Amid Higher Interest Rates - Business News Report<\/title>\n<meta name=\"description\" content=\"BNR - Oil fell for an additional day on Friday and seemed on track for a weekly drop. The decline is a consequence of a UK interest rate rise which\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/oil-price-slides-amid-higher-interest-rates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil Price Slides Amid Higher Interest Rates - Business News Report\" \/>\n<meta property=\"og:description\" content=\"BNR - Oil fell for an additional day on Friday and seemed on track for a weekly drop. The decline is a consequence of a UK interest rate rise which\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bnreport.com\/en\/oil-price-slides-amid-higher-interest-rates\/\" \/>\n<meta property=\"og:site_name\" content=\"Business News Report\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Business-NewsReport-328225811095934\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-23T16:37:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-23T16:37:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bnreport.com\/wp-content\/uploads\/2023\/06\/oil-1-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1559\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"infopal11\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@BNReport\" \/>\n<meta name=\"twitter:site\" content=\"@BNReport\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"infopal11\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-price-slides-amid-higher-interest-rates\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-price-slides-amid-higher-interest-rates\\\/\"},\"author\":{\"name\":\"infopal11\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#\\\/schema\\\/person\\\/19d1c5a2dd7f60584a09de4a7805d68f\"},\"headline\":\"Oil Price Slides Amid Higher Interest Rates\",\"datePublished\":\"2023-06-23T16:37:22+00:00\",\"dateModified\":\"2023-06-23T16:37:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-price-slides-amid-higher-interest-rates\\\/\"},\"wordCount\":324,\"publisher\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-price-slides-amid-higher-interest-rates\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/oil-1-scaled.jpg\",\"keywords\":[\"crude\",\"crude oil\",\"Featured\",\"interest rate\",\"Oil\",\"OPEC\",\"OPEC+\",\"Saudi Arabia\",\"UK\"],\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-price-slides-amid-higher-interest-rates\\\/\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-price-slides-amid-higher-interest-rates\\\/\",\"name\":\"Oil Price Slides Amid Higher Interest Rates - Business News Report\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-price-slides-amid-higher-interest-rates\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-price-slides-amid-higher-interest-rates\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/oil-1-scaled.jpg\",\"datePublished\":\"2023-06-23T16:37:22+00:00\",\"dateModified\":\"2023-06-23T16:37:47+00:00\",\"description\":\"BNR - Oil fell for an additional day on Friday and seemed on track for a weekly drop. The decline is a consequence of a UK interest rate rise which\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-price-slides-amid-higher-interest-rates\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-price-slides-amid-higher-interest-rates\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-price-slides-amid-higher-interest-rates\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/oil-1-scaled.jpg\",\"contentUrl\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/oil-1-scaled.jpg\",\"width\":2560,\"height\":1559,\"caption\":\"Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS\\\/Agustin Marcarian\\\/File Photo\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/oil-price-slides-amid-higher-interest-rates\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"\u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629\",\"item\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil Price Slides Amid Higher Interest Rates\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/\",\"name\":\"Business News Report\",\"description\":\"Latest News on the World of Politics &amp; Business\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#organization\",\"name\":\"\u0628\u0632\u0646\u0633 \u0631\u064a\u0628\u0648\u0631\u062a \u0627\u0644\u0627\u062e\u0628\u0627\u0631\u064a\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/LOGO2.png\",\"contentUrl\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/LOGO2.png\",\"width\":200,\"height\":50,\"caption\":\"\u0628\u0632\u0646\u0633 \u0631\u064a\u0628\u0648\u0631\u062a \u0627\u0644\u0627\u062e\u0628\u0627\u0631\u064a\"},\"image\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/Business-NewsReport-328225811095934\\\/\",\"https:\\\/\\\/x.com\\\/BNReport\",\"https:\\\/\\\/www.instagram.com\\\/business.newsreport\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#\\\/schema\\\/person\\\/19d1c5a2dd7f60584a09de4a7805d68f\",\"name\":\"infopal11\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/author\\\/infopal11\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Oil Price Slides Amid Higher Interest Rates - Business News Report","description":"BNR - Oil fell for an additional day on Friday and seemed on track for a weekly drop. The decline is a consequence of a UK interest rate rise which","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.bnreport.com\/en\/oil-price-slides-amid-higher-interest-rates\/","og_locale":"en_US","og_type":"article","og_title":"Oil Price Slides Amid Higher Interest Rates - Business News Report","og_description":"BNR - Oil fell for an additional day on Friday and seemed on track for a weekly drop. The decline is a consequence of a UK interest rate rise which","og_url":"https:\/\/www.bnreport.com\/en\/oil-price-slides-amid-higher-interest-rates\/","og_site_name":"Business News Report","article_publisher":"https:\/\/www.facebook.com\/Business-NewsReport-328225811095934\/","article_published_time":"2023-06-23T16:37:22+00:00","article_modified_time":"2023-06-23T16:37:47+00:00","og_image":[{"width":2560,"height":1559,"url":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2023\/06\/oil-1-scaled.jpg","type":"image\/jpeg"}],"author":"infopal11","twitter_card":"summary_large_image","twitter_creator":"@BNReport","twitter_site":"@BNReport","twitter_misc":{"Written by":"infopal11","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.bnreport.com\/en\/oil-price-slides-amid-higher-interest-rates\/#article","isPartOf":{"@id":"https:\/\/www.bnreport.com\/en\/oil-price-slides-amid-higher-interest-rates\/"},"author":{"name":"infopal11","@id":"https:\/\/www.bnreport.com\/en\/#\/schema\/person\/19d1c5a2dd7f60584a09de4a7805d68f"},"headline":"Oil Price Slides Amid Higher Interest Rates","datePublished":"2023-06-23T16:37:22+00:00","dateModified":"2023-06-23T16:37:47+00:00","mainEntityOfPage":{"@id":"https:\/\/www.bnreport.com\/en\/oil-price-slides-amid-higher-interest-rates\/"},"wordCount":324,"publisher":{"@id":"https:\/\/www.bnreport.com\/en\/#organization"},"image":{"@id":"https:\/\/www.bnreport.com\/en\/oil-price-slides-amid-higher-interest-rates\/#primaryimage"},"thumbnailUrl":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2023\/06\/oil-1-scaled.jpg","keywords":["crude","crude oil","Featured","interest rate","Oil","OPEC","OPEC+","Saudi Arabia","UK"],"articleSection":["Business"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.bnreport.com\/en\/oil-price-slides-amid-higher-interest-rates\/","url":"https:\/\/www.bnreport.com\/en\/oil-price-slides-amid-higher-interest-rates\/","name":"Oil Price Slides Amid Higher Interest Rates - Business News Report","isPartOf":{"@id":"https:\/\/www.bnreport.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.bnreport.com\/en\/oil-price-slides-amid-higher-interest-rates\/#primaryimage"},"image":{"@id":"https:\/\/www.bnreport.com\/en\/oil-price-slides-amid-higher-interest-rates\/#primaryimage"},"thumbnailUrl":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2023\/06\/oil-1-scaled.jpg","datePublished":"2023-06-23T16:37:22+00:00","dateModified":"2023-06-23T16:37:47+00:00","description":"BNR - Oil fell for an additional day on Friday and seemed on track for a weekly drop. The decline is a consequence of a UK interest rate rise which","breadcrumb":{"@id":"https:\/\/www.bnreport.com\/en\/oil-price-slides-amid-higher-interest-rates\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.bnreport.com\/en\/oil-price-slides-amid-higher-interest-rates\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.bnreport.com\/en\/oil-price-slides-amid-higher-interest-rates\/#primaryimage","url":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2023\/06\/oil-1-scaled.jpg","contentUrl":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2023\/06\/oil-1-scaled.jpg","width":2560,"height":1559,"caption":"Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS\/Agustin Marcarian\/File Photo"},{"@type":"BreadcrumbList","@id":"https:\/\/www.bnreport.com\/en\/oil-price-slides-amid-higher-interest-rates\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"\u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629","item":"https:\/\/www.bnreport.com\/en\/"},{"@type":"ListItem","position":2,"name":"Oil Price Slides Amid Higher Interest Rates"}]},{"@type":"WebSite","@id":"https:\/\/www.bnreport.com\/en\/#website","url":"https:\/\/www.bnreport.com\/en\/","name":"Business News Report","description":"Latest News on the World of Politics &amp; Business","publisher":{"@id":"https:\/\/www.bnreport.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.bnreport.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.bnreport.com\/en\/#organization","name":"\u0628\u0632\u0646\u0633 \u0631\u064a\u0628\u0648\u0631\u062a \u0627\u0644\u0627\u062e\u0628\u0627\u0631\u064a","url":"https:\/\/www.bnreport.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.bnreport.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2020\/12\/LOGO2.png","contentUrl":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2020\/12\/LOGO2.png","width":200,"height":50,"caption":"\u0628\u0632\u0646\u0633 \u0631\u064a\u0628\u0648\u0631\u062a \u0627\u0644\u0627\u062e\u0628\u0627\u0631\u064a"},"image":{"@id":"https:\/\/www.bnreport.com\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/Business-NewsReport-328225811095934\/","https:\/\/x.com\/BNReport","https:\/\/www.instagram.com\/business.newsreport"]},{"@type":"Person","@id":"https:\/\/www.bnreport.com\/en\/#\/schema\/person\/19d1c5a2dd7f60584a09de4a7805d68f","name":"infopal11","url":"https:\/\/www.bnreport.com\/en\/author\/infopal11\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/posts\/245649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/comments?post=245649"}],"version-history":[{"count":2,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/posts\/245649\/revisions"}],"predecessor-version":[{"id":245653,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/posts\/245649\/revisions\/245653"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/media\/245650"}],"wp:attachment":[{"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/media?parent=245649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/categories?post=245649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/tags?post=245649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}