Oil heads for weekly losses amid concerns about US interest rates

Oil prices fell slightly during trading today, Friday, the twenty-fourth of May, and are heading towards recording weekly losses, amid concerns about the interest rate in America.

According to CNBC, Brent crude futures fell 0.3% to $81.13 per barrel. US crude contracts also decreased by 0.3%, recording $76.63 per barrel.

The two benchmarks closed at their lowest levels in several months yesterday, Thursday, and Brent crude futures are heading towards a weekly decline of more than 3%, and West Texas crude futures are heading towards weekly losses of 4%.

Minutes from the Federal Reserve’s most recent meeting on Wednesday showed policymakers discussing whether current interest rates are high enough to rein in inflation.

Some officials said they would be willing to raise borrowing costs again if inflation rose. However, Federal Reserve Chairman Jerome Powell and other policymakers in various statements ruled out raising interest rates again.

Markets are awaiting the meeting of the Organization of the Petroleum Exporting Countries and its allies, OPEC+, on June 2, which will be held remotely, and will discuss whether to extend voluntary oil production cuts by 2.2 million barrels per day.