- Oil heads for a weekly loss following Fed’s hawkish stance
- August ’23 WTI lost $1.22 this morning to trade around $69.29/Bbl
- Despite a larger-than-expected crude draw, oil prices fell over $3/Bbl, or 4.2% yesterday
- Equities trade lower, while the dollar strengthened following hawkish comments from Fed Chair Powell and other central banks' rate hikes
- This week, Powell indicated that he sees at least two additional rate hikes before the year-end
- However, yesterday’s steady Initial Jobless Claims and slightly higher home sales reports indicated a strong US economy
- EU Ramps Up Pressure on Russia with Latest Sanctions, Targets Shadow Oil Trade (SPGlobal)
- The EU unveils its 11th round of sanctions, targeting illegal Russian oil exports amid the Russia-Ukraine conflict
- New sanctions include restrictions on ship-to-ship transfers of Russian crude and a ban on crude flow via the Druzhba pipeline. Ships suspected of aiding such transfers risk being banned from EU ports
- An estimated 443 'shadow fleet' vessels face potential bans and further limit the movement of EU goods to Russia via third countries