Oil slips on demand fears, market awaits Fed decision

Further price weakness followed an unexpected rise in UK inflation in February, raising fears of further interest rate hikes a day before the Bank of England announces its latest interest rate decision.

The market will be seeking direction from the U.S. Fed’s Federal Open Market Committee , which announces its decision on interest rates at 1800 GMT. The expected rate hike of 25 basis points is a turnaround from the steep 50 basis point rate rise anticipated before the recent banking turmoil, triggered by the collapse of two regional banks.

“It would be a big shock if the Fed reverted back to larger rate hikes now considering everything that’s happened this past couple of weeks,” said Craig Erlam, senior market analyst at OANDA. Brent prices hit their lowest last week since 2021 on concern that the rout in bank shares could trigger a global recession and cut fuel demand.

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