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Saudi output cut, rate hikes, and more: Key factors driving crude oil markets next week | Mint - Mint

Mint · last updated

Saudi output cut, rate hikes, and more: Key factors driving crude oil markets next week | Mint

On the Multi Commodity Exchange (MCX), crude oil futures due for a July 19 expiry, settled lower at 0.42 per cent at ₹5,879 per bbl, having swung between ₹5,546 and ₹5,690 per bbl during the session on June 23.

Oil prices edged lower in the previous session and posted a weekly decline as traders worried interest rate hikes could sap demand despite signs of tighter supplies including lower US crude stocks. This came after Bank of England (BoE) lifted its key interest rate to 15-year high which added to concerns over economic growth. More interest rate hikes seem likelier in the US after hawkish cues from Federal Chair Jerome Powell.

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