Oil Traders Fear Further Interest Rate Hikes

U.S. February West Texas Intermediate crude oil futures surged early on Thursday. The rally was fueled by tight U.S. supplies including crude, heating oil, and jet fuel stocks. However, gains were erased late in the session on fears that higher Fed rate hikes and China’s rising Covid cases would put a dent in demand. Early on Friday morning, however, oil prices were rising once again on news of a potential Russian output cut. Crude, Distillate Drawdowns Surprisingly Bullish The U.S. benchmark extended Wednesday’s price jump which was…