Oil edges higher on supply concerns, China's economic outlook; Brent at $84/bbl | Mint - Mint
Oil edges higher on supply concerns, China's economic outlook; Brent at $84/bbl | Mint
Crude oil prices ticked higher after China took steps to bolster its flagging economy, though investors remained worried about the pace of growth as well as further US interest rate hikes that could dampen demand.
Oil prices edged higher on Tuesday, August 29, as supply concerns from a hurricane hurtling towards the US Gulf Coast limited the bearish sentiment about the possibility of another US interest rate hike undercutting demand. Crude oil prices ticked higher after China took steps to bolster its flagging economy, though investors remained worried about the pace of growth as well as further US interest rate hikes that could dampen demand.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.