Central Bank Action Pushes Oil Prices Down Again

The West Texas Intermediate (WTI) crude oil market experienced a week of volatility, influenced by a combination of supply dynamics and demand factors. The futures contract witnessed a significant decline of approximately 4% on Thursday, erasing the earlier gains for the week. This downturn was primarily triggered by the Bank of England's bigger-than-expected rate hike, which raised concerns about the economy and fuel demand. Despite the support from a surprise draw in U.S. oil supplies, these worries outweighed the positive impact and pushed the…