Brent crude futures , which have risen by almost 3% this week, were down 30 cents, or 0.40%, at $75.02 a barrel at 1026 GMT. U.S. West Texas Intermediate crude futures were down 29 cents, or 0.42%, at $69.38.
Official data from the Energy Information Administration, the statistical arm of the U.S. Department of Energy, is due at 10:30 a.m. on Wednesday.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 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.
Oil price will slowly fall as demand wanes, then companies will stop investing in extraction and production, and price will slowly rise as supply wanes. Then the age of fossil fuels will be over. GG fossil fuels.