Latest Oil Prices, Market News and Analysis for September 22 - Bloomberg
Markets

Oil’s Rally Cools as Tight Crude Market Vies With Hawkish Fed

  • Russia announced temporary bans on diesel and gasoline exports
  • WTI settled near $90 a barrel, posted near 0.8% weekly loss
JPMorgan’s Christyan Malek says “we’ve looked at historic analysis and $100 oil is not that expensive.”Source: Bloomberg
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Oil eased off yearly highs, capping a tumultuous week that saw the Federal Reserve flagging a further rate hike and Russia banning diesel exports.

While Russia’s announcement of a temporary emargo on gasoline and diesel exports has tightened an already stressed global fuel market, signals that the Federal Reserve will keep borrowing costs higher for longer have cooled oil’s rally. West Texas Intermediate posted its first weekly loss in a month, after reaching the highest level this year.

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